Indian benchmark indices settled on a flat note, marginally higher, on Friday following a choppy trading session amid mixed global cues, awaiting for rate cut signals by the US Federal Reserve. BSE Sensex added 33.02 points or 0.04 per cent, to end the week at 81,086.21. NSE's Nifty50 rose merely 11.65 points, or 0.05 per cent, to close at 24,823.15 for the day.
Some buzzing stocks including Tata Steel Ltd, Adani Enterprises Ltd and Bharat Dynamics 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:
Tata Steel | Buy | Target Price: Rs 142 | Stop Loss: Rs 178-190
We are observing that Tata Steel's prices made a high of Rs 184 on June 18, 2024 and has witnessed a sharp correction to Rs 142 levels on the daily charts. At present, the stock is trading sideways and trading well above 200-days SMA (Rs 150). The momentum indicator viz. RSI is showing positive divergence, which suggests that a pullback rally is in offing. Hence, can buy the stock at current levels with a stop loss of Rs 142 for targets of Rs 178-190 levels in the next couple of weeks.
Adani Enterprises | Buy | Target Price: Rs 3,219-3,292 | Stop Loss: Rs 3,000
We are observing sideways momentum in Adani Enterprises on the daily charts, which gives no clear direction of trend. At present, the stock has strong resistance at Rs 3,150 level. Any close above the mentioned resistance level with good volume can propel the upside momentum. Even the RSI is trading sideways. Hence, one can buy the stock at current levels with a stop loss of Rs 3,000 for a target Rs 3,219–3,292 levels in a couple of weeks.
Bharat Dynamics | Buy | Target Price: Rs 1,394-1,430 | Stop Loss: Rs 1,270
We are observing that prices of Bharat Dynamics have taken support at the 150 days SMA (Rs 1,157) and formed a strong positive candle on the daily charts. At present, the stock is outperforming the benchmark indices and even the momentum indicator is positively poised. This suggests that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 1,270 for targets of Rs 1,394–1,430 levels in the next couple of weeks.
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