Adani Power, Tata Motors, Bharti Airtel: Should you buy, sell or hold these buzzing stocks?

The domestic stock market rose on Wednesday, with benchmark indices settling at highest levels on a closing basis. The BSE Sensex gained 195.45 points, or 0.31 per cent, to close at 63,523.15. The NSE Nifty rose 40.15 points, or 0.21 per cent, to 18,856.85.

Select stocks such as Bharti Airtel, Tata Motors and Adani Power are likely to be in limelight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

Bharti Airtel | Buy | Target Price: Rs 900 | Stop Loss: Rs 800
Bharti Airtel looks lucrative as it has corrected 6 per cent after registering a high of Rs 888 on May 31. The stock has bottomed out near term the long-term rising trendline support zone of Rs 800-805, indicating a pullback. It has been trading above its 20-DMA, with the daily RSI also showing a trend reversal from the 50 mark. Furthermore, the stochastic has given positive crossover and is trading well above its key moving averages, implying an inherent strength in the price. One can buy the stock around Rs 830-835 for the upside target of Rs 900 with a stop loss of Rs 800 on a closing basis.

Adani Power | Range-bound | Resistance: Rs 290 | Support: Rs 250
Adani Power respected its 50-week SMA as it reversed its price movement after testing that line. It gradually moved towards its 20-day SMA. A bearish crossover on the daily RSI and negative cross- on MACD signal that the stock may resume its downturn, wherein a stable move below its Rs 250 will accelerate the negative momentum. This could drag the stock towards Rs 238-235 zone in the medium-term. In the case of any rebound, its prior high connecting falling trendline around Rs 286-290 zone will cap the up move.

Tata Motors | Buy | Target Price: 640 | Stop Loss: Rs 550
Tata Motors is in a classical uptrend and made a yearly closing high on the daily chart. It has witnessed the breakout of a long multi-month consolidation with strong volumes. The structure still looks lucrative as the price has formed a base at around Rs 560-550 zone. The momentum indicator RSI is also positively poised. Add to that, the MACD is supporting the current strength on the weekly chart. The stock looks well versed to continue its upward journey in the comparable period. Hence, one can buy Tata Motors with a stop loss of Rs 550 for a target of Rs 640.

(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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