Eternal, NTPC, Lemon Tree shares poised for short term upside: Religare Broking

Indian equity benchmarks closed in positive territory on Tuesday, buoyed by a late-session surge in buying activity. The BSE Sensex pack rose 270 points or 0.32 per cent to settle at 83,713, while the NSE Nifty index advanced 61 points or 0.24 per cent, ending the day at 25,523. Despite the headline indices posting gains, broader market performance remained underwhelming. The BSE MidCap index dipped 0.17 per cent, while the SmallCap index declined by 0.29 per cent, reflecting subdued participation in the broader market.

Looking ahead, select buzzing stocks like Eternal Ltd (formerly Zomato), NTPC Ltd and Lemon Tree Hotels Ltd are expected to remain in focus among traders. Here’s what Religare Broking analysts suggest for short-term trading:

Eternal | LTP: 263.50 | Buy | Target: Rs 278 | Stop loss: Rs 255

Eternal has been a steady performer, showing strength by consistently trading above key moving averages. The stock is likely to extend its uptrend after reversing from an ascending triangle pattern formed at the end of its corrective phase. Traders may look to initiate fresh long positions around the suggested levels, with a focus on proper risk management.

NTPC | LTP: Rs 343.20 | Buy | Target: Rs 370 | Stop loss: Rs 330

NTPC is seeing renewed buying interest after recent profit booking found support at a key demand zone. The supportive price and volume structure suggests a likely continuation of the uptrend, with potential to retest the previous swing high.

Lemon Tree Hotels | LTP: Rs 146.79 | Buy | Target: Rs 157 | Stop loss: Rs 142

Lemon Tree is displaying a strong uptrend, marked by a series of higher highs and higher lows. Following a prolonged consolidation within a triangle pattern, the stock has now broken out of this continuation formation, supported by a notable surge in volumes. This breakout, along with the solid overall chart structure, strengthens the bullish momentum and indicates the potential for further upside.