Adani Enterprises, Reliance, IDFC First: Trading strategies for these 3 buzzing stocks
Adani Enterprises is observing a lower-top lower-bottom formation on the daily chart, which is a sign of weakness. The stock is underperforming the benchmark index.
- Oct 30, 2023,
- Updated Oct 30, 2023 7:45 AM IST
Domestic benchmark indices snapped a six-day losing streak on Friday, thanks to across-the-board buying. A rise in global stocks pushed local stocks higher. The BSE Sensex jumped 634 points, or 1.01 per cent, to settle at 63,782.80. The NSE Nifty gained 190 points, or 1.01 per cent, to end the day at 19,047.25. Some buzzing stocks namely Reliance Industries Ltd (RIL), Adani Enterprises Ltd and IDFC First Bank Ltd are likely to remain in focus in today’s 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: Reliance Industries | Buy | Target Price: Rs 2,345-2,385 | Stop Loss: 2,220 Reliance Industries is trading below its 200-day SMA on the daily chart, which is a sign of weakness. However, the stock has seen good selling pressure and is near the support level of Rs 2,240-2,230. A bounce cannot be ruled out. Even the momentum indicator, viz. RSI is positively poised. Therefore, one can buy the stock at current levels with a stop loss of Rs 2,220 for a target of Rs 2,345- Rs 2,385 levels in the next couple of weeks.IDFC First Bank | Sell | Target Price: Rs 78-74 | Stop Loss: Rs 90 IDFC First Bank has observed lower-top lower-bottom formation on the daily chart, a sign of weakness. Further, the momentum indicator viz. MACD is negatively poised. Combining both parameters, it is evident that the momentum on the downside may continue. Hence, one can sell the stock at existing prices with a stop loss of Rs 90 for a target of Rs 78-74 levels in the next couple of months.Adani Enterprises | Sell | Target Price: Rs 1,959-1,809 | Stop Loss: Rs 2,410 Adani Enterprises Ltd is observing lower-top lower-bottom formation on the daily chart, which is a sign of weakness. Further, the stock is underperforming the benchmark index. Even the momentum indicator, viz. MACD is negatively poised. Hence, one can sell the stock at current levels with a stop loss of Rs 2,410 for a target Rs 1,959 and Rs 1,809 levels in the couple of 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.
Also read: AU SFB shares in focus as Fincare Small Finance Bank to merge with lender
Domestic benchmark indices snapped a six-day losing streak on Friday, thanks to across-the-board buying. A rise in global stocks pushed local stocks higher. The BSE Sensex jumped 634 points, or 1.01 per cent, to settle at 63,782.80. The NSE Nifty gained 190 points, or 1.01 per cent, to end the day at 19,047.25. Some buzzing stocks namely Reliance Industries Ltd (RIL), Adani Enterprises Ltd and IDFC First Bank Ltd are likely to remain in focus in today’s 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: Reliance Industries | Buy | Target Price: Rs 2,345-2,385 | Stop Loss: 2,220 Reliance Industries is trading below its 200-day SMA on the daily chart, which is a sign of weakness. However, the stock has seen good selling pressure and is near the support level of Rs 2,240-2,230. A bounce cannot be ruled out. Even the momentum indicator, viz. RSI is positively poised. Therefore, one can buy the stock at current levels with a stop loss of Rs 2,220 for a target of Rs 2,345- Rs 2,385 levels in the next couple of weeks.IDFC First Bank | Sell | Target Price: Rs 78-74 | Stop Loss: Rs 90 IDFC First Bank has observed lower-top lower-bottom formation on the daily chart, a sign of weakness. Further, the momentum indicator viz. MACD is negatively poised. Combining both parameters, it is evident that the momentum on the downside may continue. Hence, one can sell the stock at existing prices with a stop loss of Rs 90 for a target of Rs 78-74 levels in the next couple of months.Adani Enterprises | Sell | Target Price: Rs 1,959-1,809 | Stop Loss: Rs 2,410 Adani Enterprises Ltd is observing lower-top lower-bottom formation on the daily chart, which is a sign of weakness. Further, the stock is underperforming the benchmark index. Even the momentum indicator, viz. MACD is negatively poised. Hence, one can sell the stock at current levels with a stop loss of Rs 2,410 for a target Rs 1,959 and Rs 1,809 levels in the couple of 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.
Also read: AU SFB shares in focus as Fincare Small Finance Bank to merge with lender