Adani Enterprises, Tata Chemicals, M&M: Trading strategies for these buzzing stocks

Domestic equity markets settled barely changed on Friday and ended the week on a flat note. Headline indices remained range-bound after the RBI kept the interest rate unchanged as per the expectations. BSE Sensex added 20.59 points, or 0.03 per cent to settle at 74,248.22. NSE's Nifty50 index shed barely 0.95 points, to end the week at 22,513.70.

Some buzzing stocks namely Mahidnra & Mahindra Ltd (M&M), Adani Enterprises Ltd (AEL) and Tata Chemicals 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 at StoxBox has to say on these stocks ahead of Monday's trading session:

Mahindra & Mahindra | Buy | Target Price: Rs 2,200-2,400 | Target Price: Rs 1,900
Mahindra & Mahindra is observing a higher high formation with volatility contraction pattern on the daily chart. The momentum indicator RSI is positively poised. Further, the stock is outperforming benchmark indices. This suggests that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 1,900 for the targets of Rs 2,200-2,400 levels in a couple of weeks.

Adani Enterprises | Buy | Target Price: Rs 3,500-3,600 | Target Price: Rs 3,100
Adani Enterprises has reclaimed is 50-day SMA on the daily chart. The momentum indicator viz. MACD is positively poised and the stock is outperforming the benchmark indices. Hence, one can buy the stock at current prices with a stop loss of Rs 3,100 for the targets of Rs 3,500-3,600 levels in the next couple of weeks.

Tata Chemicals | Buy | Target Price: Rs 1,220-1,265 | Target Price: Rs 1,085
Tata Chemicals has  observing six days of consolidation breakout with high volumes on the daily chart.  The momentum indicator viz. RSI is positively poised and the stock is outperforming the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 1,085 for the targets of Rs 1,220 –1,265 levels in the next couple of months.


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