Adani Power, MTAR Tech, NMDC: Trading strategy for these buzzing stocks
NMDC is seen forming a Cup and Handle pattern on the technical chart and approaching the breakout zone of the said pattern. The stock is trading well above its 10- and 20-day moving averages.
- Sep 1, 2023,
- Updated Sep 1, 2023 7:58 AM IST
Domestic stock indices settled lower on Thursday amid high volatility in the wake of monthly expiry of F&O contracts. The BSE Sensex fell 256 points, or 0.39 per cent, to close at 64,831. The NSE Nifty shed 94 points, or 0.48 per cent down, to 19,254. Select stocks namely Adani Power, MTAR Technologies and NMDC are likely to be in focus today. Here is what Riches Vanara, Technical and Derivatives Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:Adani Power | Sell | Target Price: Rs 310-300 | Stop Loss: Rs 338 Adani Power saw a gap-down opening on Thursday followed by buying interest with above average volumes. But the gap down happened after five days of distribution and it looks like a trap for buyers. The momentum indicators are seen reversing from its overbought zone and indicate some profit booking. The levels of Rs 324-330 will act as a strong supply zone and one may see targets of Rs 310 and Rs 300 in coming days. Place stop loss above Rs 338 level.Mtar Technologies | Buy | Target Price: Rs 2,560-2,750 | Stop Loss: Rs 2,350 Mtar Tech is trading with a good momentum and solid price action, even as it has seen a tug of war between bulls and bears over the last few weeks. The current week’s price action and volume activity confirms upper hand of the bulls. The stock is ready to touch new life highs. The momentum indicators MACD and 14 period RSI are trading well above the bull zone and compliments the price action. The stock is trading well above its previous week's high and confirms a ‘buy’ rating for targets of Rs 2,560 and Rs 2,750 with a stop loss placed below Rs 2,350 level.NMDC | Buy | Target Price: Rs 126-130 | Stop Loss: Rs 119 NMDC is seen forming a Cup and Handle pattern on technical charts and approaching the breakout zone of the said pattern. The stock is trading well above its 10- and 20-day moving averages, which suggests the short-term momentum is intact. NMDC selling is seen with lower volumes, which confirms the buyer's interest. A breakout in relative strength chart in comparison to Nifty50 compliments the price action and gives early indication of a price breakout. Hence, one can buy the stock for targets of Rs 126 and Rs 130 with stop below Rs 119.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
Domestic stock indices settled lower on Thursday amid high volatility in the wake of monthly expiry of F&O contracts. The BSE Sensex fell 256 points, or 0.39 per cent, to close at 64,831. The NSE Nifty shed 94 points, or 0.48 per cent down, to 19,254. Select stocks namely Adani Power, MTAR Technologies and NMDC are likely to be in focus today. Here is what Riches Vanara, Technical and Derivatives Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:Adani Power | Sell | Target Price: Rs 310-300 | Stop Loss: Rs 338 Adani Power saw a gap-down opening on Thursday followed by buying interest with above average volumes. But the gap down happened after five days of distribution and it looks like a trap for buyers. The momentum indicators are seen reversing from its overbought zone and indicate some profit booking. The levels of Rs 324-330 will act as a strong supply zone and one may see targets of Rs 310 and Rs 300 in coming days. Place stop loss above Rs 338 level.Mtar Technologies | Buy | Target Price: Rs 2,560-2,750 | Stop Loss: Rs 2,350 Mtar Tech is trading with a good momentum and solid price action, even as it has seen a tug of war between bulls and bears over the last few weeks. The current week’s price action and volume activity confirms upper hand of the bulls. The stock is ready to touch new life highs. The momentum indicators MACD and 14 period RSI are trading well above the bull zone and compliments the price action. The stock is trading well above its previous week's high and confirms a ‘buy’ rating for targets of Rs 2,560 and Rs 2,750 with a stop loss placed below Rs 2,350 level.NMDC | Buy | Target Price: Rs 126-130 | Stop Loss: Rs 119 NMDC is seen forming a Cup and Handle pattern on technical charts and approaching the breakout zone of the said pattern. The stock is trading well above its 10- and 20-day moving averages, which suggests the short-term momentum is intact. NMDC selling is seen with lower volumes, which confirms the buyer's interest. A breakout in relative strength chart in comparison to Nifty50 compliments the price action and gives early indication of a price breakout. Hence, one can buy the stock for targets of Rs 126 and Rs 130 with stop below Rs 119.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)