Indian benchmark ended the week on a muted note on Friday, with mild cuts. Profit booking in the select counters and slow movement of the monsoon weighed on the market sentiments. BSE Sensex dropped 269.03 points, or 0.35 per cent to settle at 77,209.90. NSE's Nifty50 index declined 65.90 points, or 0.28 per cent, to end the session at 23,501.10.
Some buzzing stocks namely Adani Enterprises Ltd, ICICI Bank Ltd and Tata Steel Co Ltd are likely to remain under the spotlight of traders for the session 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 | Hold | Target Price: Rs 3,376-3,468 | Stop Loss: Rs 3,100
We are observing that prices of Adani Enterprises have tested the 200-days SMA (Rs 2,833) by making a low of Rs 2,750 on June 5, 2024 on the daily charts. At present, the prices have reclaimed the 50-days SMA (Rs 3,122). Further, the momentum indicator, RSI, is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameters, it is evident that the momentum on the upside may continue. Hence, one can hold the stock at current levels with a stop loss of Rs 3,100 for a target of Rs 3,376-Rs 3,468 levels in a few weeks.
Tata Steel | Hold | Target Price: Rs 215-323 | Stop Loss: Rs 160
Prices of Tata Steel have reclaimed the 50-days SMA (Rs 165), which is a sign of strength on the daily chart. Further, the momentum indicator, RSI, is positively poised. Even the stock is outperforming the benchmark indices. This suggests that the upside momentum is likely to continue. Hence, one can hold the stock at current levels with a stop loss of Rs 160 for a target Rs 215–233 levels in a couple of weeks.
ICICI Bank | Hold | Target Price: Rs 1,257-1,297 | Stop Loss: Rs 1,100
We are observing a higher-high formation on the daily charts of ICICI Bank. At present, the momentum indicator, RSI, is positively poised. Further, we are observing that the stock is outperforming the benchmark indices. Hence, one can hold the stock at current prices with a stop loss of Rs 1,100 for a target of Rs 1,257-1,297 levels in the next few weeks.
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