Adani Power, Adani Enterprises, Adani Ports: Trading strategies for these Adani stocks
Adani Power shares saw a sideways move on the daily chart. The Adani group stock is near a critical support range of Rs 360-355 levels.
- Oct 9, 2023,
- Updated Oct 9, 2023 8:08 AM IST
Domestic benchmark indices settled higher on Friday for the second straight session after the RBI kept the interest rates unchanged in its monetary policy. The BSE barometer Sensex advanced 364.06 points, or 0.55 per cent, to settle at 65,995.63. The NSE Nifty rose 113.85 points, or 0.58 per cent, to end at 19,659.60. A few Adani Group stocks such as Adani Power Ltd, Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd are likely to remain under the spotlight today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets to say on these stocks ahead of Monday's trading session:Adani Power | Hold | Target Price: Rs 392-404 | Stop Loss: Rs 350 Adani Power saw sideways move on the daily chart and is at a critical support range of Rs 360-355 levels. The stock is outperforming the benchmark indices. Even the momentum indicator RSI is showing an advanced divergence. One can hold the stock at current levels with a stop loss of Rs 350 for a target Rs 392-400 levels in the next couple of weeks. Adani Ports and Special Economic Zone| Hold | Target Price: Rs 870-890 | Stop Loss: Rs 810 On the daily chart, Adani Ports saw higher top and higher bottom formations, which is a sign of strength. At present, the stock is consolidating the previous rise. The stock is outperforming the benchmark indices. Even the momentum indicator MACD is positively poised. One can hold the stock at current levels with a stop loss of Rs 810 for the target of Rs 870-890 levels in the next couple of weeks. Adani Enterprises | Hold | Target Price: Rs 2,717-2,836 | Stop Loss: Rs 2,360 Adani Enterprises is showing a sideways move on the daily chart, giving no clear trend direction. At present, the stock is underperforming the benchmark indices. Even the momentum indicator RSI is trading flat. One can hold the stock with a stop loss of Rs 2,360 for a target of Rs 2,717-2,836 levels in the next couple of months.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: RBL Bank shares trading above key exponential moving averages; is Rs 300 the next target price?
Domestic benchmark indices settled higher on Friday for the second straight session after the RBI kept the interest rates unchanged in its monetary policy. The BSE barometer Sensex advanced 364.06 points, or 0.55 per cent, to settle at 65,995.63. The NSE Nifty rose 113.85 points, or 0.58 per cent, to end at 19,659.60. A few Adani Group stocks such as Adani Power Ltd, Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd are likely to remain under the spotlight today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets to say on these stocks ahead of Monday's trading session:Adani Power | Hold | Target Price: Rs 392-404 | Stop Loss: Rs 350 Adani Power saw sideways move on the daily chart and is at a critical support range of Rs 360-355 levels. The stock is outperforming the benchmark indices. Even the momentum indicator RSI is showing an advanced divergence. One can hold the stock at current levels with a stop loss of Rs 350 for a target Rs 392-400 levels in the next couple of weeks. Adani Ports and Special Economic Zone| Hold | Target Price: Rs 870-890 | Stop Loss: Rs 810 On the daily chart, Adani Ports saw higher top and higher bottom formations, which is a sign of strength. At present, the stock is consolidating the previous rise. The stock is outperforming the benchmark indices. Even the momentum indicator MACD is positively poised. One can hold the stock at current levels with a stop loss of Rs 810 for the target of Rs 870-890 levels in the next couple of weeks. Adani Enterprises | Hold | Target Price: Rs 2,717-2,836 | Stop Loss: Rs 2,360 Adani Enterprises is showing a sideways move on the daily chart, giving no clear trend direction. At present, the stock is underperforming the benchmark indices. Even the momentum indicator RSI is trading flat. One can hold the stock with a stop loss of Rs 2,360 for a target of Rs 2,717-2,836 levels in the next couple of months.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: RBL Bank shares trading above key exponential moving averages; is Rs 300 the next target price?