Indian headline indices managed to settle on a flat note after a volatile trading session on Thursday on the back of mixed domestic and global cues. BSE Sensex declined 109.08 points, or 0.14 per cent, to close at 80,039.80 bucking the heightened volatility. The Nifty50 index shed merely 7.40 points, or 0.03 per cent to settle at 24,406.10.
Some buzzing stocks namely RBL Bank Ltd, Adani Green Energy Ltd and Vedanta Ltd are likely to remain under the spotlight of traders for the session today. Here is what Kushal Gandhi, Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:
Adani Green Energy | Buy | Target Price: Rs 2,125 | Stop Loss: 1,700
After a strong bullish breakout in early December 2023, Adani Green's price action has entered a sideways trend, fluctuating within a broader range of 25 per cent and lacking a clear directional bias. However, today's price movement and increasing volume and price momentum indicate that previously inactive buyers are starting to show interest. This presents a favourable risk-to-reward trading opportunity. With improvements in EPS strength and buyer demand, we recommend buying Adani Green with a target price of Rs 2,125 and a stop loss at Rs 1,700.
Vedanta | Avoid
The metal index has been trading sideways with a slightly negative bias, and Vedanta's share price has followed this trend. Recently, Vedanta's price action breached the 50-day moving average and continued to close lower. The stock has shown weaker relative strength compared to the Nifty 50, and both the EPS strength and buyers' demand have deteriorated. Therefore, we recommend avoiding buying the stock at the current market price.
RBL Bank | Avoid
Since December 2023, the price action of RBL Bank has been consolidating with a slightly negative bias. The intermediate trend has exhibited lower highs and has failed to reclaim its previous pivot highs even once, indicating a weak price trend. Additionally, the RSI across daily and higher time frames has shown a negative slope, signifying a lack of price momentum. Therefore, it is advisable to avoid this counter.
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.