Adani Enterprises, Tata Power, RVNL: Trading strategies for these buzzing stocks
Adani Enterprises formed a lower top lower-bottom formation on the daily chart, which is a sign of weakness. The stock is underperforming key benchmark indices.
- Nov 20, 2023,
- Updated Nov 20, 2023 8:28 AM IST
Indian benchmark indices settled with marginal fall on Friday. The selling pressure in banking and financial counters offset gains in FMCG, pharma, auto and healthcare sectors. The BSE Sensex dropped 187.75 points, or 0.28 per cent, to end at 65,794.73. The NSE Nifty shed 33.40 points, or 0.17 per cent, to end the day at 19,731.80. A few buzzing stocks of Dalal Street namely Adani Enterprises Ltd, Rail Vikas Nigam Ltd (RVNL) and Tata Power Co Ltd are likely to remain under the spotlight 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:Rail Vikas Nigam | Buy | Target Price: Rs 182-198 | Stop Loss: Rs 158 RVNL formed a higher top-higher bottom formation on the daily chart. The stock is outperforming key benchmark indices. The momentum indicator viz. RSI has given an Inverse Head and Shoulder breakout, which suggests that the momentum on the upside is likely to continue. One can buy the stock at the prevailing level, with a stop loss of Rs 158, for targets of Rs 182-198 levels in the next couple of weeks.Tata Power Co | Buy | Target Price: Rs 294-310 Stop Loss: Rs 246 Tata Power is forming a rounding base formation on the daily chart, which is a sign of accumulation. The momentum indicator viz. MACD is positively poised and even the stock is outperforming key indices. Combining the above parameter, it is evident that the momentum on the upside may continue. One can buy the stock at current levels with a stop loss of Rs 246 for target of Rs 294–310 levels in the next couple of months.Adani Enterprises | Hold | Target Price: Rs 2,293-2335 | Stop Loss: Rs 2,167 Adani Enterprises made a lower top-lower bottom formation on the daily chart, which is a sign of weakness. The stock is underperforming key indices, that is, having lower relative strength. However, the momentum indicator viz. MACD is positively poised. A bounce back rally in a downtrend cannot be ruled out. One can hold the stock at current prices with a stop loss of Rs 2,167 for a target Rs 2,293–2,335 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: Stock recommendations for November 20, 2023: Nykaa, IRCTC, Birla Corp and SBI Life
Also read: Mazagon Dock, Cochin Shipyard, Aurobindo Pharma & Balrampur Chini shares to turn ex-dividend today
Indian benchmark indices settled with marginal fall on Friday. The selling pressure in banking and financial counters offset gains in FMCG, pharma, auto and healthcare sectors. The BSE Sensex dropped 187.75 points, or 0.28 per cent, to end at 65,794.73. The NSE Nifty shed 33.40 points, or 0.17 per cent, to end the day at 19,731.80. A few buzzing stocks of Dalal Street namely Adani Enterprises Ltd, Rail Vikas Nigam Ltd (RVNL) and Tata Power Co Ltd are likely to remain under the spotlight 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:Rail Vikas Nigam | Buy | Target Price: Rs 182-198 | Stop Loss: Rs 158 RVNL formed a higher top-higher bottom formation on the daily chart. The stock is outperforming key benchmark indices. The momentum indicator viz. RSI has given an Inverse Head and Shoulder breakout, which suggests that the momentum on the upside is likely to continue. One can buy the stock at the prevailing level, with a stop loss of Rs 158, for targets of Rs 182-198 levels in the next couple of weeks.Tata Power Co | Buy | Target Price: Rs 294-310 Stop Loss: Rs 246 Tata Power is forming a rounding base formation on the daily chart, which is a sign of accumulation. The momentum indicator viz. MACD is positively poised and even the stock is outperforming key indices. Combining the above parameter, it is evident that the momentum on the upside may continue. One can buy the stock at current levels with a stop loss of Rs 246 for target of Rs 294–310 levels in the next couple of months.Adani Enterprises | Hold | Target Price: Rs 2,293-2335 | Stop Loss: Rs 2,167 Adani Enterprises made a lower top-lower bottom formation on the daily chart, which is a sign of weakness. The stock is underperforming key indices, that is, having lower relative strength. However, the momentum indicator viz. MACD is positively poised. A bounce back rally in a downtrend cannot be ruled out. One can hold the stock at current prices with a stop loss of Rs 2,167 for a target Rs 2,293–2,335 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: Stock recommendations for November 20, 2023: Nykaa, IRCTC, Birla Corp and SBI Life
Also read: Mazagon Dock, Cochin Shipyard, Aurobindo Pharma & Balrampur Chini shares to turn ex-dividend today