Adani Power, Tata Motors, IndusInd Bank: Trading strategies for these buzzing stocks

Domestic stock indices settled sharply higher on Thursday, bucking the muted global cues. The BSE Sensex advanced 490.97 points, or 0.69 per cent, to settle at 71,847.57. NSE Nifty surged 141.25 points, or 0.66 per cent, to end the day at 21,658.60. With this, the two indices snapped a two-day losing streak.

A few stocks namely Adani Power Ltd, Tata Motors Ltd and IndusInd Bank Ltd will in be traders’ radar today. Here is what Kushal Gandhi, Technical Analyst at Stoxbox has to say on these stocks ahead of Friday's trading session:

Adani Power | Buy | Target Price: Rs 643 | Stop Loss: Rs 535
Adani Power shares staged a bullish pivotal breakout in the previous trading session with a breakaway gap, indicating strength and momentum in the price action. The former pivotal resistance is now acting as immediate support and offers a lower risk and higher rewarding opportunity to initiate long for the target of Rs 643 against a protective stop at Rs 535.

Tata Motors | Buy | Target Price: Rs 866 | Stop Loss: Rs 765
Tata Motors has been trading in a narrow range of Rs 26 in the last 4 trading sessions. The price action is trading nearly a 7 per cent distance from its mean. One should buy the stock above Rs 803, once it offers a directional bias, for the target of Rs 866. Place a stop loss at Rs 765.

IndusInd Bank | Avoid 
IndusInd Bank has been trending on the upside on the daily chart, with a higher high-low structure on muted volume activities. While the stock displays poor price strength, the zone of Rs 1,680-1,698 acts as an immediate overhead resistance. It is recommend that traders can avoid any fresh entry at current levels.
 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Also read: Coforge shares in focus as CFO resigns ahead of Q3 results due to personal reasons

Also read: Stock recommendations by market analysts for January 5, 2024: Canara Bank, CDSL and REC