Domestic equity indices settle flat on Thursday amid the expiry of the weekly F&O contracts. Domestic markets remained choppy for the majority of the day to eventually settle flat. For the day, BSE Sensex shed 5.43 points, or 0.01 per cent, to end at 66,017.81. The NSE Nifty fell 9.85 points, or 0.05 per cent, to end the day at 19,802.
A few power stocks namely Adani Power Ltd, Tata Power Co Ltd and Reliance Power Ltd could be in the spotlight today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:Adani Power | Hold | Target Price: Rs 400-415 | Stop Loss: Rs 368 Adani Power has support at Rs 368, which is its 50-day simple moving average (SMA), as per the daily chart. As long as this support is protected, the stock may see signs of revival. To break-out on the upside, the stock must absorb all the selling pressure emerging at the Rs 400 level. Once that happens, a rally towards Rs 415 cannot be ruled out.Tata Power Co | Range-bound | Resistance: Rs 270 | Support: Rs 250 Shares of Tata Power are trading sideways with the price action moving in a testing range of Rs 265–258. Any breakout of this range could define the next trend for the stock. On the upward breakout, the stock could move towards Rs 270, while a breakdown shall result in a breach of Rs 250 level.Reliance Power | Cautious | Resistance: Rs 23-24 | Support: Rs 19 As long as the support of Rs 19 is decisively held, the stock may see revival towards Rs 23-24 levels, which is serving as a hurdle for the current trend. The bias remains sluggish and the price action needs to attract volumes to trigger the next trend.
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