Adani Ports, Tata Motors, State Bank of India: How to trade these 3 buzzing stocks

Indian benchmark indices settled mostly flat on Wednesday amid rising tensions between India and Pakistan. Dalal Street, however, bucked  reduced tariff risks, a potential US-India trade deal, and strong FII inflows. BSE Sensex shed merely 46.14 points, or 0.06 per cent to settle at 80,242.24, while NSE's Nifty50 fell just 1.75 points, or 0.01 per cent to end at 24,334.20 for the day.

 

Select buzzing largecap stocks including Adani Ports & Special Economic Zone (APSEZ), Tata Motors and State Bank of India (SBI) are likely to remain under the spotlight of traders for the session today. Here is what Pritesh Mehta, Executive Vice President of Technical Analysis at YES Securities has to about these stocks ahead of Friday's trading session:

 

Adani Ports & Special Economic Zone | Buy above 1,270 | Target Price: Rs 1,430 | Stop Loss: 1,130

Adani Ports went through a corrective phase from August 2024 and marked a low around Rs 1,070 in early 2005. Thereafter, a phase of base consolidation came into play. Eventually in the second week of April, it staged a bullish turtle breakout bringing an end to base formation phase. Currently, structure is positive, yet it is essential for the stock to surpass the 45-degree downward sloping trendline. Move above Rs 1,270 would result in fresh momentum for a rally towards Rs 1,430. Support for the same is seen around Rs 1,130.

 

Tata Motors | Avoid

Though Tata Motors is holding onto the point of polarity zone. Break above the same in March 2023, resulted in a change in orbit on the upside. Correction phase of the second half of 2024 brought the stock back to its previous peak. Despite underperformance against the Nifty Auto index, it held onto the support zone and staged a reversal. Yet it is lacking strength to provide a follow through move. Pattern of High pole and sustenance below 10-column average on P&F chart displays weakness in the revival move.

 

State Bank of India | Buy above 820 | Target Price: Rs 1,020 | Stop Loss: 729

SBI has been an underperformer against the Nifty Bank index, ratio of SBI versus Bank Nifty is hovering around its three-year mean. Reversal in ratio accompanied with a double top on P&F chart is essential to bring about an end in phase of underperformance. Last week, on a standalone P&F chart, it staged a bullish turtle breakout. Move above Rs 820 would result in renewed momentum. Immediate support is seen around the three-digit Gann number of 729.