Adani Green Energy, Tata Chemicals, JSPL: What should be your strategy ahead of Q3 results

Domestic benchmark indices ended Tuesday's volatile trading session flat ahead of the much-awaited Union Budget later today and US Federal Reserve's policy meeting outcome in the evening. BSE Sensex gained 169.51 points or 0.29 per cent to 59,500.41, whereas Nifty50 Index settled at rose 44.60 points or 0.25 per cent to 17,648.95 for the day.

Select stocks such as Jindal Steel & Power, Adani Green Energy and Tata Chemicals were on the traders' radar amid the volatile trading session at the Dalal street. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart suggests investors should do with these stocks during the Wednesday's trading session:

Jindal Steel and Power | Hold | Target Price: Rs 650 | Stop Loss: Rs 550
The counter is in a classical uptrend, as it has higher highs & higher lows. On the daily chart, it also retested its previous breakout level at around Rs 564. The structure of the counter is very bullish, as it trades above 50,100,200-SMA moving averages. The crucial psychological resistance level on the upside is Rs 610, above which we can expect the Rs 650 levels in the near future. On the downside, Rs 550 is the support level, below which we can expect the Rs 340 level.

Adani Green Energy | Hold | Target Price: Rs 1,300-1,600 | Support: Rs 1,000
The primary structure of the counter is continuously following the downtrend. Stock has witnessed a breakdown of a triangle pattern formation and a broken of neckline support at Rs 1,700 with strong volume. The stock is trading below all of its moving averages, which is also a negative sign for the counter. On the downside, Rs 1,000 is the critical level; while on the upside, Rs 1,300 is an immediately susceptible area; above this we can expect Rs 1,600 levels in the near term.

Tata Chemicals | Buy above Rs 1,000 | Target Price: Rs 1,150 | Stop Loss: Rs 900
After a profit-booking maneuver from the higher levels at about Rs 1,200, the counter is attempting to resume its primary upward momentum.  The counter's structure is indecisive because it is trading below the 200-SMA moving average, and investors should take a position above Rs 1,000 with a stop loss of Rs 900 and a target of Rs 1,150.

(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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