Adani Enterprises, Suzlon Energy, ITC: Trading Strategies for these buzzing stocks

Adani Enterprises, Suzlon Energy, ITC: Trading Strategies for these buzzing stocks

Domestic stock indices settled higher on Friday on buying in index heavyweights and easing geopolitical concerns. The BSE Sensex jumped 599.34 points, or 0.83 per cent, to settle at 73,088.33. NSE’s Nifty50 index rallied 151.15 points, or 0.69 per cent, to end the session at 22,147.

A few stocks namely Adani Enterprises Ltd, Suzlon Energy Ltd and ITC Ltd are likely to be in focus today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday’s trading session:

Adani Enterprises | Sell | Target Price: Rs 2,832-2,712 | Stop Loss: Rs 3,150

Adani Enterprises has breached its 50-day SMA on the daily chart, which is a sign of weakness. At present, the momentum indicator MACD has given a negative crossover. Combining both the parameters, it is evident that momentum on the downside may continue. Hence, one can sell the stock at current prices with a stop loss of Rs 3,150 for target of Rs 2,832–2,712 levels in the next couple of weeks.

Suzlon Energy | Sell | Target Price: Rs 31-28 | Stop Loss: Rs 43

Suzlon Energy has breached its 50-day SMA on the daily chart, which is a sign of weakness. At present, the momentum indicator RSI is trading below the 50-reading. This suggests weakness on the counter. Combining both the parameters, it is evident that momentum on the downside may continue. Hence, one can sell the stock at current levels with a stop loss of Rs 43 for target of Rs 31–28 levels in the couple of weeks.

ITC | Buy | Target Price: Rs 474-494 | Stop Loss: Rs 409

ITC has reclaimed the 50-day SMA on the daily chart, which is a sign of weakness. The momentum indicator viz. MACD is positively poised. One can buy the stock at current prices with a stop loss of Rs 409 for a target of Rs 474–494 levels in the next couple of weeks.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Watch Live TV in English

Watch Live TV in Hindi