Adani Enterprises, JSW Steel, ICICI Bank: Trading strategies for these buzzing stocks

Domestic equity markets settled flat on Friday following a choppy trading session. Global cues tried to support the global markets, but profit booking at the higher levels guided Dalal Street's headline indices to settle flat. BSE Sensex shed only 15.44 points, or 0.02 per cent, to end the day at 73,142.80. NSE's Nifty50 pack eased merely 4.75 points, or 0.02 per cent to end the day at 22,212.70.

Some buzzing stocks of Dalal Street namely Adani Enterprises Ltd, JSW Steel Ltd and ICICI Bank 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's trading session:

Adani Enterprises | Hold | Target Price: Rs 3,470-3550 | Stop Loss: Rs 3,160
We are observing a sideways movement on the daily chart of Adani Enterprises, which gives no clear direction of the trend. At present, the stock is trading well above the short term 10 and 20-days SMA. Further, the momentum indicator viz. MACD is positively poised and even the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 3160 for a target price of Rs 3,470-3550 levels in a couple of weeks.

JSW Steel | Hold | Target Price: Rs 864-884 | Stop Loss: Rs 800
We are observing a sideways movement on the daily chart of JSW Steel, which gives no clear direction of the trend. Further, momentum indicator viz. MACD is in a negative territory and the stock is underperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 800 for a target of Rs 864-884 levels in the next couple of weeks.

ICICI Bank | Hold | Target Price: Rs 1,120-1,180 | Stop Loss: Rs 1,030
We are observing a higher-top, higher-bottom formation on the daily charts of ICICI Bank. Further, the momentum indicator viz. RSI is positively poised and even the stock is outperforming the benchmark indices.Hence, one can hold the stock at current prices with a stop loss of Rs 1,030 for a target of Rs 1,120-1,180 levels in the next couple of months.


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