Adani Ports, Tata Motors, Bank of Baroda: What should be your strategy for today's session

Bears continued to weight at Dalal Street as domestic benchmark indices extended their cuts on Monday and settled lower. However, headline indices recovered slgihtly amid the volatile trading session. BSE Sensex declined 175.88 points, or 0.30 per cent, to 59,288.35, whereas NSE's Nifty50 shed 73.10 points, or 0.42 per cent, to 17,392.70.

Select stocks such as Adani Ports, Bank of Baroda and Tata Motors were on traders' radar amid the strong trading session at Dalal street. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher suggests to investors as trading strategy in these stocks during the Tuesday's trading session:

| Adani Ports | Buy | Target Price: Rs 600-605 | Stop Loss: Rs 535 |
Adani Ports, after the steep correction, has seen a short recovery and is currently consolidating near Rs 540-580 zone. The RSI has flattened out, but is hovering near the oversold zone, with the price value looking attractive. One can buy this stock, maintaining a strict stop loss of Rs 535, for near term target of Rs 600-605 levels.

| Bank of Baroda | Hold | Target Price: Rs 170 | Stop Loss: Rs 152 |
Bank of Baroda has formed a higher bottom formation on the daily chart with a positive candle. With the RSI also indicating a trend reversal, there has been a slight improvement in the bias. A short-term buy can be considered with Rs 170 as the target and Rs 152 as the stop loss.

| Tata Motors | Buy | Target Price: Rs 442 | Stop Loss: Rs 410 |
Tata Motors has recently witnessed a short correction. It has reached the near-term support of Rs 412 level, from where we can anticipate a pullback till Rs 442 level. A decisive breach below Rs 412 zone can trigger for further slide with next major support visible near Rs 400 levels. One can trade keeping the Rs 410 level as stop loss and expecting for a rise till target of Rs 442 levels.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)

Also read: SGX Nifty gains 10 points: GDP data, Asian markets, crude oil prices, FPI flows trend & more

Also read: Adani Group overleveraged, carries 3x as much debt as it should, says Aswath Damodaran