Adani Enterprises, Adani Power, Adani Ports: Trading strategies for these buzzing Adani stocks

Indian benchmark indices ended the Friday's session on a mixed note after a volatile trading session as the traders await India Inc's earnings for the June 2024 quarter and Union Budget due later this month. BSE Sensex dropped 53.07 points, or 0.07 per cent to end at 79,996.60. NSE's Nifty50 index advanced 21.70 points, or 0.09 per cent, to settle at 24,323.85 for the day.

Some buzzing Adani Group stocks namely Adani Enterprises Ltd, Adani Ports & Special Economic Zone Ltd and Adani Power Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday trading session:

Adani Enterprises | Hold | Target Price: Rs 3,238-3,284 | Stop loss: 3,100 |

We are observing that prices of Adani Enterprises have tested the 200-days SMA (Rs 2,833) by making a low of Rs 2,750 on June 5, 2024 on the daily charts. At present, the prices have marginally closed above the 50-days SMA (Rs 3,140). Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameters, it is evident that the momentum on the upside may continue. Hence, one can hold the stock at current levels with a stop loss of Rs 3,100 for a target of Rs 3,238 -3,284 levels in the next couple of weeks.

Adani Ports & Special Economic Zone | Hold | Target Price: Rs 1,717-1,809 | Stop loss: 1,390 |

We are observing a strong lateral consolidation between Rs 1,520 to Rs 1,420 level on the Weekly charts of Adani Ports. Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. This suggests that the upside momentum is likely to continue. Hence, one can hold the stock at current levels with a stop loss of Rs 1,390 for a target Rs 1,717 –1,809 levels in a couple of weeks.

Adani Power | Hold | Target Price: Rs 767-796 | Stop loss: 680 |

We are observing that Adani Power made a high of Rs 870 on June 03, 2024 on the daily charts and from there is seeing a corrective move. On the downside, the stock has support at Rs 700–690 level. However, the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 680 for a target of Rs 767–796 levels in the next couple of weeks.

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