Indian benchmark indices remained range bound on Friday amid the absence of decisive triggers. Traders remained cautious ahead of the Q2 earnings, geopolitical concerns and global economic data. BSE Sensex dropped 230.05 points or 0.28 per cent, to end the session at 81,381.36. NSE's Nifty50 shed 34.20 points, or 0.14 per cent, to close at 24,964.25 for the day.
Some buzzing blue-chip stocks including HDFC Bank Ltd, Adani Enterprises Ltd and Infosys 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 | Buy | Target Price: Rs 3,287-3,350 | Stop Loss: 3,050
We are observing that prices are hovering over the 200-days SMA (Rs 3,070) on the daily charts of Adani Enterprises. At present, the momentum indicator RSI is positively poised. Further, we are observing that the stock is underperforming the benchmark indices. Hence, can buy the stock at current levels with a stop loss of Rs 3050 for targets of Rs 3,287-3,350 levels in the next couple of weeks.
HDFC Bank | Buy | Target Price: Rs 1,751-1,800 | Stop Loss: 1,600
On the daily chart, we are observing sideways moves for four trading sessions after six days of fall in HDFC Bank. Hence, a pullback rally is in offing. However, the stock is underperforming the benchmark indices. Further, the momentum indicator RSI is showing higher high formation this suggests that momentum on the upside may continue. Hence, one can buy the stock at current with a stop loss of Rs 1600 for a target Rs 1,751 –1,800 levels in a couple of weeks.
Infosys | Buy | Target Price: Rs 2,040-2,090 | Stop Loss: 1,880 We are observing a six-week consolidation pattern on the weekly charts of Infosys. At present, the stock has support at Rs 1,915 – 1,900 level. The stock is outperforming the benchmark indices. Even the momentum indicator RSI is positively poised. Hence, one can buy the stock with a stop loss of Rs 1880 for targets of Rs 2,040–2,090 levels in the next couple of weeks.