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Top 2 Stocks to Watch Today – 13 October, 2023

13 October 20234 mins read by Angel One
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The market opened higher on positive global cues, but the gains were wiped out in the initial hours. The market remained in consolidation mode for the rest of the session, with the IT pack taking a beating a day after Tata Consultancy Services posted a mixed bag of numbers for the September quarter.

The underwhelming result of the IT major and its lackluster near-term prospects exerted downward pressure on the IT sector. Nevertheless, the broad market exhibited strength, primarily in anticipation of healthy overall Q2 results led by the expansion in India’s operating profit as volume demand is sustained despite a global slowdown.

Here are the top two stocks to watch on Friday:

HCL Technologies (HCLTECH) – Rs 1,223.40

The HCL Technologies stock closed at a crucial support level. It tested the 50 DMA and declined with higher volume, forming a strong bearish bar on Elder’s impulse system. It is trading below the moving average ribbon and is also below the 20 DMA. The MACD shows strong bearish momentum. The RSI is below the prior low and near the bearish zone, and the Stochastic RSI has given a fresh sell signal. The KST and TSI have been in a bearish setup. As the stock formed a lower low and lower high, it indicates a trend reversal. In short, the stock closed at a crucial support, and a move below Rs. 1222 is negative, potentially testing Rs. 1194.

hcl

 ITC (ITC) – Rs 451

The ITC stock closed above the prior minor high with higher and above-average volume. It has decisively closed above the 20 and 50 DMA for the second successive day and tested the Anchored VWAP resistance. The MACD has given a fresh bullish signal, and the positive divergence in RSI confirms its implications. The stock has formed a double-bottom formation, and the Elder’s impulse system has formed a bullish bar. The KST and TSI indicators have given bullish signals. It closed above the 23.6% retracement level. In short, the stock is showing reversal signals, and a move above Rs. 450 is positive for the stock.

ITC

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the in

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