Adani Enterprises, ICICI Bank, Dr Reddy's: Trading strategies for these buzzing largecap stocks
An analyst from Arihant Capital observes Adani Enterprises testing the 200-days SMA (Rs 2,833) by making a low of Rs 2,750 on June 5 on the daily charts.
- Jul 1, 2024,
- Updated Jul 1, 2024 7:46 AM IST
Indian benchmark indices gave up early gains and settled with modest cuts during the trading session on Friday on the back of profit booking. Macroeconomic data and rate cut cues will be key for the traders in the coming weeks. BSE Sensex dropped 210.45 points, or 0.27 per cent to end at 79,032.73. NSE's Nifty50 index declined 33.90 points, or 0.14 per cent, to settle at 24,010.60 for the day.
Some buzzing blue-chip stocks namely Adani Enterprises Ltd, ICICI Bank Ltd and Dr Reddys Laboratories Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst, Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Adani Enterprises | Hold | Target Price: Rs 3,396-3,322 | Stop Loss: Rs 3,100
On the daily chart of Adani Enterprises , we are observing that the stock has tested the 200-days SMA (Rs 2,833) by making a low of Rs 2,750 on June 5. At present, the prices have reclaimed the 50-days SMA (Rs 3,128). Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameters, it is evident that the momentum on the upside may continue. Hence, one can hold the stock at current prices with a stop loss of Rs 3,100 for the targets of Rs 3,322-3,396 levels in the next couple of weeks.
Dr Reddy's Laboratories | Hold | Target Price: Rs 6,784-6,976 | Stop Loss: Rs 6,208
We are observing a strong lateral consolidation breakout with higher volumes on the Weekly charts of Dr Reddy's. Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. This suggests that the upside momentum is likely to continue. Hence, one can hold the stock at current levels with a stop loss of Rs 6,208 for a target of Rs 6,784–6,976 levels in a couple of weeks.
ICICI Bank | Hold | Target Price: Rs 1,232-1,265 | Stop Loss: Rs 1,166
We are observing a higher-high formation on the daily charts of ICICI Bank. At present, the momentum indicator RSI is positively poised. Further, we are observing that the stock is outperforming the benchmark indices. Hence, one can hold the stock at current prices with a stop loss of Rs 1,166 for a target of Rs 1,232 –Rs 1,265 levels in the next few weeks.
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.
Indian benchmark indices gave up early gains and settled with modest cuts during the trading session on Friday on the back of profit booking. Macroeconomic data and rate cut cues will be key for the traders in the coming weeks. BSE Sensex dropped 210.45 points, or 0.27 per cent to end at 79,032.73. NSE's Nifty50 index declined 33.90 points, or 0.14 per cent, to settle at 24,010.60 for the day.
Some buzzing blue-chip stocks namely Adani Enterprises Ltd, ICICI Bank Ltd and Dr Reddys Laboratories Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst, Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Adani Enterprises | Hold | Target Price: Rs 3,396-3,322 | Stop Loss: Rs 3,100
On the daily chart of Adani Enterprises , we are observing that the stock has tested the 200-days SMA (Rs 2,833) by making a low of Rs 2,750 on June 5. At present, the prices have reclaimed the 50-days SMA (Rs 3,128). Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameters, it is evident that the momentum on the upside may continue. Hence, one can hold the stock at current prices with a stop loss of Rs 3,100 for the targets of Rs 3,322-3,396 levels in the next couple of weeks.
Dr Reddy's Laboratories | Hold | Target Price: Rs 6,784-6,976 | Stop Loss: Rs 6,208
We are observing a strong lateral consolidation breakout with higher volumes on the Weekly charts of Dr Reddy's. Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. This suggests that the upside momentum is likely to continue. Hence, one can hold the stock at current levels with a stop loss of Rs 6,208 for a target of Rs 6,784–6,976 levels in a couple of weeks.
ICICI Bank | Hold | Target Price: Rs 1,232-1,265 | Stop Loss: Rs 1,166
We are observing a higher-high formation on the daily charts of ICICI Bank. At present, the momentum indicator RSI is positively poised. Further, we are observing that the stock is outperforming the benchmark indices. Hence, one can hold the stock at current prices with a stop loss of Rs 1,166 for a target of Rs 1,232 –Rs 1,265 levels in the next few weeks.
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.