Adani Power, SBI, LTIMindTree: How should you trade these buzzing stocks?

Domestic stock indices settled higher on Tuesday amid across-the board buying, with stock exchanges announcing regular trading on Wednesday, postponing the Bakri Id holiday to Thursday. The BSE Sensex gained 446.03 points, or 0.71 per cent, to 63,416.03. The NSE Nifty added 126.20 points, or 0.68 per cent, to 18,817.40.

Select stocks such as Adani Power, LTIMindTree and State Bank of India (SBI) are likely to gain momentum on Wednesday’s trading session. Here is what Riches Vanara, Technical and Derivatives Analyst at Stoxbox has to say on these three stocks ahead of the trading session:

Adani Power | Buy | Target Price: Rs 265-275 | Stop Loss: Rs 243

Adani Power traded in an ascending channel pattern on the weekly timeframe. A pullback from the lower end of the channel was strong as the stock surpassed its previous week's low. It stayed comfortably above the short-term moving average of 20-week EMA. The momentum indicator MACD is also getting into the bullish territory. One can buy the stock for targets of Rs 265 and Rs 275, respectively. A good support for the stock is placed at Rs 248 and Rs 243 levels.

State Bank of India | Buy | Target Price: Rs 580-598 | Stop Loss: Rs 545

State Bank of India (SBI) traded inside the previous week’s range and witnessed short coverings from demand zone that acted as its supply zone in the past. This is called low polarity and it is seen as a good reversal pattern. Hence, one can buy the stock for targets of Rs 580 and Rs 598, respectively. On the other hand, supports are seen at Rs 555 and Rs 545 levels, respectively.

LTIMindTreee | Buy | Target Price: Rs 5,350-5,550 | Stop Loss: Rs 4,900
After the sharp selloff in April-May 2022, LTIMindTreee gathered strength and traded in an ascending channel pattern with a positive relative strength compared with Nifty. The stock has breached its 5-week consolidation phase and settled above it. LTIMindtree is showing momentum through all the parameters. This stock can be bought for targets of Rs 5,350 and 5,550, respectively. Strong supports are placed at Rs 5,000 and Rs 4,900, respectively.

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

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