Adani Green, Hero MotoCorp, Coforge: How to trade these 3 buzzing stocks

Indian benchmark indices snapped the 10 day losing streak to settle with strong gains on Wednesday as emerging markets saw a relief rally on the back of weakness in the US Dollar. However, trade tariff concerns continue to weigh on the markets. BSE Sensex rallied 740.30 points, or 1.01 per cent, to end the session at 73,730.23. NSE's Nifty50 surged 254.65 points, or 1.15 per cent, to settle at 22,337.30 for the day.

Some buzzing stocks including Hero MotoCorp Ltd, Adani Green Energy Ltd and Coforge Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Manager - Technical Research at YES Securities has to say about these stocks ahead of Thursday's trading session:

Coforge | Caution | Resistance: Rs 8,000-8,150 | Support: Rs 7,200

Coforge has experienced a substantial decline of approximately 29 per cent from its peak of Rs 10,026. It's currently consolidating around its 200-day SMA at Rs 7,200. While recent buying activity suggests some upward momentum, the stock is likely to encounter resistance between Rs 8,000 and Rs 8,150. This resistance zone is further strengthened by a line of parity, which could act as a significant barrier to further gains.

Hero MotoCorp | Caution | Resistance: Rs 3,950-4,000 | Support: Rs 3,400

Hero MotoCorp has broken below the 50 per cent Fibonacci retracement level at Rs 4,000, confirming a strong bearish trend. Any attempt to rally towards the Rs 3,950-4,000 area is likely to encounter significant resistance. While the weekly RSI at 28 indicates oversold conditions, there are no clear signs of a reversal, suggesting further downside potential. ADX confirms a strengthening bearish trend and the consistent formation of lower tops and lower bottoms reinforces this negative outlook. Despite the oversold RSI, traders should exercise caution. The stock's downtrend could continue with the next significant support level at Rs 3,400, coinciding with the 200-week SMA.

Adani Green Energy | Caution | Resistance: Rs 900-960 | Support: Rs 750

Adani Green has experienced a significant decline of nearly 63 per cent from its peak of Rs 2,091 over the past five months, entering oversold territory. However, in recent sessions, it has shown signs of recovery following the sharp sell-off with technical indicators suggesting a potential rebound. Despite this, the sustainability of the recovery remains uncertain. Downside risks appear limited with key support identified in the Rs 750-760 zone while any upward movement could face resistance near the Rs 900 and Rs 960 levels.