Indian benchmark indices continued to surge sharply on Friday to scale new record highs after the inline RBI's policy meet outcome. Headline indices posted big gains for another session of big gains for the day recovering the entire losses for the election results day. BSE Sensex surged 1,618.85 points, or 2.16 per cent to settle at 76,693.36. NSE's Nifty50 index zoomed 468.75 points, or 2.05 per cent, to end the session at 23,290.15.
Some buzzing stocks namely Adani Enterprises Ltd, Tata Steel Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what analysts at 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 3,466-3,588 | Stop Loss: Rs 3,100
We are observing that prices of Adani Enterprises have tested the 200-days SMA (Rs 2,833) on the daily charts by making a low of Rs 2,750 on June 5, 2024. 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 parameter, it is evident that momentum on the upside may continue. Hence, one can hold the stock at current levels with a stop loss of Rs 3,100 for target of Rs 3,466 -3,588 levels in the next couple of weeks.
Tata Steel | Hold | Target Price: Rs 214-232 | Stop Loss: Rs 160
We are observing that prices of Tata Steel have reclaimed the 50-days SMA (Rs 165) on the daily charts, which is a sign of strength. Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. This suggests that upside momentum is likely to continue. Hence, one can hold the stock at current prices with a stop loss of Rs 160 for a target Rs 214–232 levels in a couple of weeks.
Suzlon Energy | Hold | Target Price: Rs 62-69 | Stop Loss: Rs 40
We are observing a higher high formation on the daily charts of Suzlon Energy. At present, the momentum indicator RSI is positively poised. Further, we are observing that the stocks is outperforming the benchmark indices. Hence, one can hold the stock at current prices with a stop loss of Rs 40 for a target of Rs 62-69 levels in the next couple of weeks.
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