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Indian Stocks Volatile, BEL, APSEZ, ITC Show Potential

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  Published in Stocks and Investing on Tuesday, February 3rd 2026 at 11:23 GMT by Business Today
      Locales: Maharashtra, Gujarat, West Bengal, INDIA

New Delhi, February 3rd, 2026 - The Indian stock market continues to present a challenging landscape for investors, characterized by significant volatility. The Nifty50 index has experienced considerable swings, reflecting global economic uncertainties and domestic factors. However, within this fluctuating environment, a select group of stocks - Bharat Electronics (BEL), Adani Ports & Special Economic Zone (APSEZ), and ITC - have consistently garnered attention and demonstrated potential for short-term gains. This article provides an in-depth technical analysis of these three Nifty50 constituents, outlining potential trading strategies based on current market indicators. It's crucial to remember that these are observations based on technical analysis, and should not be considered financial advice.

The Broad Market Context

Before diving into individual stock analyses, understanding the overarching market conditions is paramount. 2025 saw a period of robust growth followed by increasing inflation concerns, impacting investor sentiment. Geopolitical tensions continue to cast a shadow, adding to the volatility. The Reserve Bank of India's (RBI) monetary policy decisions, particularly regarding interest rates, will continue to heavily influence market direction in the near term. Analysts predict continued, though potentially moderated, growth in the Indian economy, providing a generally positive backdrop for equity investments, albeit with inherent risks.

Bharat Electronics (BEL): A Defensive Play Showing Resilience

BEL, a leading aerospace and defense electronics company, has proven to be a relatively stable performer even amidst market turbulence. The company benefits from strong government contracts and a growing domestic defense industry. Technically, BEL is displaying promising signals. The stock is currently trading comfortably above its ascending trendline support, indicating sustained buying interest. The recent bounce back from the 50-day moving average suggests a short-term upward momentum. Notably, the formation of a bullish candle near the 200-day moving average further reinforces this positive outlook.

Support and Resistance Levels: Currently, BEL is finding immediate support around INR133.50. However, a critical support zone exists between INR130-INR133, stemming from previous consolidation periods. The primary resistance level is located at INR141, with a potential breakout point beyond INR145 if momentum persists.

Trading Strategy: A conservative approach would be to initiate a long position near the INR134 level, placing a stop-loss order at INR132.50 to mitigate potential downside risk. The initial target price is set at INR141, offering a potential reward-to-risk ratio of approximately 1:2. Investors with a higher risk tolerance might consider adding to their position on any dips towards the INR130 support level.

Adani Ports (APSEZ): Benefiting from Infrastructure Growth

APSEZ, a key player in India's port infrastructure, has demonstrated consistent growth in cargo handling and profitability. The company's strategic investments in port capacity and logistics network are paying dividends. Technically, the stock is exhibiting a bullish trend, trading on a breakout level after a period of consolidation. This breakout suggests a potential acceleration in upward movement.

Support and Resistance Levels: Immediate support for APSEZ is established at INR1230, coinciding with a previous resistance level that has now been breached. A significant support zone exists around INR1200, representing a potential buying opportunity on any corrections. The next resistance level is anticipated at INR1280, followed by INR1320.

Trading Strategy: Consider entering the stock near INR1235, with a stop-loss placed at INR1225. The target price is set at INR1280, providing a reasonable risk-reward ratio. Monitoring volume will be crucial; sustained high volume during the breakout confirms the strength of the upward move.

ITC: A Diversified Giant Maintaining Momentum

ITC, a conglomerate with interests in fast-moving consumer goods (FMCG), hotels, paperboards, and agribusiness, has undergone a transformation in recent years. The company's focus on FMCG, coupled with its strong brand reputation, has driven growth. ITC is currently trading near a support trendline, maintaining a consistent rising trend.

Support and Resistance Levels: ITC currently exhibits immediate support at INR520, a crucial level to watch. A robust support base exists between INR505 and INR515. Resistance is currently found at INR535, with a potential challenge at INR545 if the upward momentum continues.

Trading Strategy: A potential entry point is near INR525, with a stop-loss at INR518. The target price is set at INR535, offering a decent risk-reward profile. Given ITC's diversified portfolio, it's viewed as a relatively safer investment option during periods of market uncertainty.

Important Disclaimer: The views expressed in this analysis are based on technical indicators as of February 3rd, 2026, and represent the opinions of technical analysts. This is not investment advice. Investors should conduct their own thorough research and consult with a qualified financial advisor before making any investment decisions. Market conditions are subject to change, and past performance is not indicative of future results.