Domestic stock indices settled significantly lower on Thursday, ending the week with a sharp fall. Subdued Q3 earnings, a surge in bond yields and FPIs selling gave the bears an upper hand. For the day, the BSE Sensex was down 359.64 points, or 0.51 per cent, at 70,700.67. The NSE Nifty50 fell 101.35 points, or 0.47 per cent, to 21,352.60. A few stocks namely Adani Enterprises Ltd (AEL), ITC Ltd and NTPC Ltd are likely to be in focus 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: ITC | Sell | Target Price: Rs 410-390 | Stop Loss: Rs 475 ITC made a lower top-bottom formation on the daily chart, which is a sign of weakness. The momentum indicator, viz. MACD, is negatively poised and the stock is underperforming the benchmark indices. One can sell the stock at current levels with a stop loss of Rs 475 and targets of Rs 410-390 levels in the next couple of weeks.Adani Enterprises | Hold | Target Price: Rs 3,000-3,050 | Stop Loss: Rs 2,850 Adani Enterprises tested the demand zone of Rs 2,875-2,855 and formed a high wave 'Doji' candle on the daily chart. At present, the momentum indicator, viz. MACD is positively poised and the stock is outperforming the benchmark indices. Combining the above parameters, it is evident that momentum on the upside is likely to continue. Hence, one can hold the stock at current prices with a stop loss of Rs 2,850 for targets of Rs 3,000-3,050 levels in a couple of weeks.NTPC | Hold | Target Price: Rs 346-362 | Stop Loss: Rs 298 NTPC is observing sideways movement on the daily chart, which provides no clear direction of the trend. Furthermore, the momentum indicator, viz. RSI is trading flat. However, the stock is still outperforming the benchmark indices. This indicates that the stock is still in an uptrend. Hence, one can hold the stock at current levels with a stop loss of Rs 298 for targets of Rs 346-362 levels in the next couple of months.
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