IDBI Bank, BHEL, L&T Finance Holdings shares: What expert recommends investors should do with these stocks?

The Indian market has been trading firm in afternoon trade on Friday. Despite trimming some gains from early trade, the benchmarks continue to trade higher by more than half per cent in the afternoon trade. The broader Nifty50 gained 106.20 (0.61%) to trade at 17,628.65, while the Sensex rose higher by 345.18 (0.59%) to 59,119.90 around 12.15 am.  

Nifty Midcap and small cap traded higher by 0.8% each, while Metal, PSU Bank and IT sectors led the market with gains of 2.4%, 2.1% and 1.1%. Except Nifty FMCG, which saw minor profit booking, all other indices traded in the green. 

Earlier, three stocks came in focus on Thursday. These stocks were BHEL, L&T Finance Holdings and IDBI Bank. On Friday's intraday trade, shares of BHEL traded with one per cent gain, L&T Finance Holdings were marginally up by half per cent and IDBI Bank rose five per cent amid spurt in volumes. 

Here is what Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, recommends investors should do with these stocks 

BHEL 

The stock has been forming a base above the key weekly moving averages for the last few weeks. The zone of 51-52 was acting as a strong support. Thereon the stock has taken a leap & has kick started the next leg up today. The up move is well supported by volumes, which is a positive sign. Going ahead, 65 & 80 will be the targets from medium term perspective.  

L&T Finance Holdings 

The stock has been witnessing a gradual rise since the beginning of July. A recent minor degree dip was absorbed near the lower end of a reverse rising channel & the daily lower Bollinger Band. From there we saw fresh buying support emerging. The momentum picked up sharply as the stock crossed the swing high of 78.60. Going ahead, 92 & 113 will be the targets to watch out for  

IDBI Bank 

The stock was trading with a sideways to downward bias for the last few weeks. In terms of the price patterns, it formed a bullish Flag pattern on the daily chart & has broken out on the upside today. The price breakout is being accompanied by volumes. Thus, 47 & 65 will be the short term & medium-term targets respectively.