Adani Power, Tata Steel, BHEL: How should you trade these buzzing stocks

Domestic benchmark indices settled lower on Thursday amid the weekly expiry of the F&O derivative contracts. Feeble global cues from US and China, coupled with selling in index heavyweights dragged the markets lower for the day. BSE's barometer Sensex dropped 388.40 points, or 0.59 per cent, to settle at 65,151.02 and NSE's Nifty tanked 99.75 points to end the day at 19,365.25 Select stocks such as Bharat Heavy Electricals (BHEL), Adani Power and Tata Steel are likely to remain under the spotlight on Dalal Street for the session today. Here is what Riches Vanara, Technical And Derivatives Analyst, StoxBox to say on these stocks ahead of Friday's trading session:Bharat Heavy Electricals | Buy | Target Price: Rs 102-105 | Stop Loss: Rs 96 BHEL is trading in an ascending channel pattern since 2020 and now after a successful breakout from said pattern, also 4 weeks of consolidation near the breakout levels suggests the upside momentum will continue. On the relative strength chart compared to nifty-50 also showing outperformance. Thus we can see levels of Rs 102 and Rs 105 with buy at current levels and around Rs 97 levels with stop loss below Rs 96.Adani Power | Buy | Target Price: Rs 294-300 | Stop Loss: Rs 278 Adani Power is trading with support of ascending trend line and 10 EMA on daily chart. Early signs of breakout seen on the relative strength chart compare to nifty-50, which is a bullish sign. MACD indicators have also entered the bulls zone with bullish price action. Hence we recommend to buy at currents and around Rs 282 for targets of Rs 294 and Rs 300 with stop below Rs 278.Tata Steel | Sell | Target Price: Rs 112-108 | Stop Loss: Rs 123 Tata Steel  is trading in an ascending triangle pattern since June month and it has reversed facing resistance from the upper end of the said pattern and a follow up selling candle is seen. We feel its a sell candidate as MACD indicator is also showing some sign of bearishness. Hence we recommend to sell at current levels and around Rs 119 for targets of Rs 112 and Rs 108 with stop above Rs 123.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)