Analyst sees short-term upside in Adani Green, Asian Paints & BoB shares

Indian equity markets paused their upward momentum on Monday, snapping a four-day winning streak. The BSE Sensex declined by 452 points, or 0.54 per cent, to close at 83,606, while the NSE Nifty dropped 121 points, or 0.47 per cent, ending the session at 25,517. However, broader markets remained resilient, with the BSE MidCap index gaining 0.60 per cent and the SmallCap index rising 0.52 per cent.

Looking ahead, select buzzing stocks like Bank of Baroda (BoB) Ltd, Asian Paints Ltd and Adani Green Energy Ltd are expected to remain in focus among traders. Here's what Vatsal Bhuva, Technical Analyst at LKP Securities, suggests for short-term trading:

Buy BoB @ Rs 248-249 | Target: Rs 262 | Stop Loss: Rs 240

The stock was consolidating near its 200-day EMA (Exponential Moving Average) and has recently given a closing above its 20-day EMA, forming a bullish candlestick above its recent swing high. The RSI (Relative Strength Index) on the daily chart is in a bullish crossover and currently placed at 61, indicating rising momentum. Given this technical setup, the stock presents a favourable opportunity for a swing trade, with a suggested stop loss at Rs 239 and an upside target of Rs 262 in the near term.

Buy Asian Paints @ Rs 2,340 | Target: Rs 2,465 | Stop Loss: Rs 2,265

After a sharp price correction and prolonged consolidation, the stock recently formed a bullish candlestick on daily charts, signalling a potential reversal. It has also closed above its 20-week EMA, indicating strength returning to the price trend. Additionally, RSI on both daily and weekly charts is in a bullish crossover, supporting positive momentum. As per the bullish mean reversion setup, the stock is expected to test its 200-day EMA near the Rs 2,465 zone after surpassing its 100-day EMA.

Buy Adani Green @ Rs 1,018-1,028 | Target: Rs 1,077 | Stop Loss: Rs 986

The stock shows a base formation, indicating accumulation at lower levels. A bullish engulfing pattern on weekly charts and sustained trade above the 20-week EMA signal strength. On daily charts, the stock has closed above its 20-day, 50-day and 100-day EMAs, confirming short- to medium-term bullishness. Additionally, the RSI is in a bullish crossover, supporting upward momentum. Based on these technical indicators, the stock has the potential to move towards Rs 1,077.