Adani Power, Tata Steel, ITC: Trading strategies for these buzzing stocks

Adani Power, Tata Steel, ITC: On the daily chart of Adani Power, a lower-top lower-bottom formation is seen, a sign of weakness. At present, immediate support is at Rs 338 level, if breached then selling pressure will intensify.

SUMMARY

• Domestic equity market settled lower on Friday after dull IT earnings.
• An analyst at Arihant Capital has suggested holding ITC and Tata Steel.
• The expert has also suggested to ‘sell’ Adani Power amid rising weakness.

Domestic benchmark indices extended their weekenss and settled lower on Friday due to fag-end selling in the preivous session. Dull earrings from the IT majors weighed on the market’s sentiments, which did not find any support from the global cues either. BSE Sensex declined 125.64 points, or 0.19 per cent, to end the session at 66,282.74. NSE’s Nifty50 dropped 42.95 points, or 0.22 per cent, to end the day at 19,751.05.

Some buzzing and result-bound stocks of Dalal Street namely Adani Power, ITC and Tata Steel are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday’s trading session:

Adani Power | Sell | Target Price: Rs 300-280 | Stop Loss: Rs 360
On the daily chart of Adani Power, we are observing a lower-top lower-bottom formation which is a sign of weakness. At present, immediate support is at Rs 338 level, if breached then selling pressure will intensify. Even the momentum indicator viz. MACD is negatively poised. Hence, one can sell the stock at Rs 341 with a stop loss of Rs 360 for a target Rs300-280 levels in a couple of weeks.

Tata Steel | Hold | Target Price: Rs 139-145 | Stop Loss: Rs 118
On the daily chart of Tata Steel, we are observing a sideways move and are giving no clear direction of trend. At present, the stock has good support at Rs 122-120 level. Even the momentum indicator RSI is trading sideways. However, the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 118 for targets of Rs 139-145 levels in the next couple of weeks.

ITC | Hold | Target Price: Rs 474-487 | Stop Loss: Rs 435
On the daily chart of ITC we are observing a sideways move and are giving no clear direction of trend. At present, the stock has good support at Rs 440-438 level. Even the momentum indicator RSI is trading sideways. However, the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 435 for target of Rs 474-487 levels in the next couple of months.

With Thanks Reference to: https://www.businesstoday.in/markets/trending-stocks/story/adani-power-tata-steel-itc-trading-strategies-for-these-buzzing-stocks-402074-2023-10-16