Indian benchmark indices continued to face severe pressure on Friday on the back of persistent FII selling, souring the sentiments at Dalal Street. BSE Sensex tumbled 662.87 points or 0.83 per cent, to end the session at 79,402.29. NSE's Nifty50 tanked 218.60 points, or 0.90 per cent, to close at 24,180.80 for the day.
Some buzzing stocks including ICICI Bank Ltd, Bharat Heavy Electricals Ltd (BHEL) and Adani Power 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:
Bharat Heavy Electrical | Sell | Target Price: Rs 180-160 | Stop Loss: Rs 240
BHEL has started trading well below the 200-days SMA (Rs 271) on the daily charts. Further, the stock has started to underperform the benchmark indices. Even, the momentum indicator MACD is negatively poised. Hence, one can sell the stock at current prices with a stop loss of Rs 240 for targets Rs 180–160 levels in a couple of weeks.
ICICI Bank | Buy | Target Price: Rs 1,379-1,440 | Stop Loss: Rs 1,210
We are observing that prices of ICICI Bank have reclaimed the 50-days SMA (Rs 1,247) on the daily charts. Further, the momentum indicator RSI is positively poised which suggests that momentum on the upside may continue. Even the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 1,210 for targets of Rs 1,379 -1,440 levels in the next couple of weeks.
Adani Power | Sell | Target Price: Rs 530-590 | Stop Loss: Rs 620
Adani Power has started trading well below the 200-days SMA (Rs 633) on the daily charts. Further, the stock has started underperforming the benchmark indices. Even, the momentum indicator RSI is negatively poised. Hence, one can sell the stock at current levels with a stop loss of Rs 620 for targets Rs 530–500 levels in a couple of weeks.