Adani Power, ITC, Cochin Shipyard: Trading views for these 3 buzzing stocks

Indian benchmark indices settled lower in Thursday's trading session amid the monthly expiry of May Series F&O contracts. Weak global cues and election-led volatility weighed on the market sentiments and led to another round of profit booking. BSE Sensex tanked 667.55 points, or 0.89 per cent to settle at 74,502.90. NSE's Nifty50 index declined 183.45 points, or 0.80 per cent, to end the session at 22,704.70.

Some buzzing stocks namely Adani Power Ltd, ITC Ltd and Cochin Shipyard Ltd are likely to remain under the spotlight of traders for the session today. Here is what Kushal Gandhi, Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

Adani Power | Buy | Target Price: Rs 790 | Stop Loss: Rs 655
The price action in Adani Power has potentially been trading in a volatility contraction pattern. This indicates that the big hands are catching the stock at elevated levels by absorbing the available liquidity, garnering bullish strength for trend continuation. The power stock displays robust price strength and EPS strength and is improving buyers’ demand with the progressive uptrend. We reiterate to buy Adani Power for the target of Rs 790 and a protective stop loss at Rs 655.

ITC | Avoid
The price action in ITC on the weekly timeframe is trading with a negative bias and a lower high and lower low structure. The 50 weekly MA acts as overhead resistance, and the price action has faced multi-week rejections from the average line, validating it as stronger resistance. We thus recommend avoiding ITC for fresh longs at the current market price.

Cochin Shipyard | Avoid
Cochin Shipyard has witnessed a parabolic surge of 923 per cent from March 2023 lows. The RSI cross daily and higher time frames is trading in its overbought zone. This indicates that price momentum remains overheated while the price action trades 21 per cent away from its mean. This makes the price action vulnerable to profit-taking. We recommend avoiding chasing the shipping stock at the current market price.

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