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Domestic equity indices settled flat on Friday after a range-bound session. The BSE Sensex dropped 47.77 points, or 0.07 per cent, to end at 65,970.04. The NSE Nifty shed 7.30 points, or 0.04 per cent, to end the day at 19,794.70. A few stocks namely Adani Enterprises Ltd, ICICI Bank Ltd and Tata Motors Ltd are likely to be on traders’ radar today.
Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Tuesday’s trading session:
Adani Enterprises | Hold | Target Price: Rs 2,490-2,610 | Stop Loss: Rs 2,130
Adani Enterprises made a lower top lower bottom formation on the daily chart, which is a sign of weakness. At present, the stock has taken support at the demand zone of Rs 2,140 – 2,160. The momentum indicator viz. RSI is giving positive divergence, which suggests that the momentum on the upside is likely to continue. Hence, one can hold the stock at current prices with a stop loss of Rs 2,130 for target of Rs 2,490-2,610 levels in the next couple of weeks.
ICICI Bank | Hold | Target Price: Rs 987-1,016 | Stop Loss: Rs 900
ICICI Bank formed a higher top-higher bottom on the daily chart, marginally above its 200-daysSMA of Rs 926. At present, the stock is underperforming the benchmark index. However, the momentum indicator viz. RSI is positively poised. This clearly suggests that the upside momentum is likely to continue. Hence, one can hold the stock at current levels with a stop loss of Rs 900 for a target of Rs 987-1016 levels in the next couple of weeks.
Tata Motors | Hold | Target Price: Rs 719-742 | Stop Loss: Rs 650
Tata Motors is making higher high formation on the daily charts, which is a sign of strength. The momentum indicator viz. MACD is positively poised and the stock is outperforming the benchmark index. Combining the above parameter, it is evident that momentum on the upside may continue. Hence, one can hold the stock at current levels with a stop loss of Rs 650 for target of Rs 719-742 levels in the next couple of months.
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.
