Suzlon Energy, Adani Enterprises, ITI: How to trade these 3 buzzing stocks
An analyst from Anand Rathi said that Adani Enterprises has surged 28% from its recent low, while key resistance at Rs 2,650-Rs 2,700 levels, while immediate support lies around Rs 2,500.
- Dec 31, 2024,
- Updated Dec 31, 2024 7:47 AM IST
Indian benchmark indices kicked off the week on a muted note and settled with big cuts gains on Monday as the persistent selling from FIIs dented the sentiments ahead of the new year. BSE Sensex tanked 450.94 points, or 0.57 per cent, to end the session at 78,248.13. However, NSE's Nifty50 crashed 168.50 points or 0.71 per cent, to settle at 23,644.90 for the day.
Some buzzing stocks including ITI Ltd, Adani Enterprises Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers has to say on these stocks ahead of Tuesday's trading session:
Suzlon took crucial support at Rs 62.20 after facing resistance near the 65-66 zone. The chart has turned bearish, signaling potential downside risk. The daily RSI is below 50, indicating weakening momentum and suggesting that selling pressure may persist. Given the bearish sentiment and lack of a strong support zone nearby, it is advisable to adopt a wait-and-watch approach. A stable base needs to form near the Rs 56-58 zone before considering fresh entries. This cautious stance allows traders to avoid catching a falling knife and ensures a better risk-reward setup once a solid foundation is established for potential recovery or trend reversal.
Indian benchmark indices kicked off the week on a muted note and settled with big cuts gains on Monday as the persistent selling from FIIs dented the sentiments ahead of the new year. BSE Sensex tanked 450.94 points, or 0.57 per cent, to end the session at 78,248.13. However, NSE's Nifty50 crashed 168.50 points or 0.71 per cent, to settle at 23,644.90 for the day.
Some buzzing stocks including ITI Ltd, Adani Enterprises Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what Jigar S Patel, Technical Research Analyst at Anand Rathi Shares and Stock Brokers has to say on these stocks ahead of Tuesday's trading session:
Suzlon took crucial support at Rs 62.20 after facing resistance near the 65-66 zone. The chart has turned bearish, signaling potential downside risk. The daily RSI is below 50, indicating weakening momentum and suggesting that selling pressure may persist. Given the bearish sentiment and lack of a strong support zone nearby, it is advisable to adopt a wait-and-watch approach. A stable base needs to form near the Rs 56-58 zone before considering fresh entries. This cautious stance allows traders to avoid catching a falling knife and ensures a better risk-reward setup once a solid foundation is established for potential recovery or trend reversal.