Adani Ports, Tata Motors, ITC: Key resistance and support levels for these stocks

Bulls were back on Dalal Street on Thursday as the headline indices settled sharply higher. The rising optimism of rate cuts in the US and buoyancy in the broader markets supports the sentiments. BSE Sensex surged 676.69 points, or 0.93 per cent to settle at 73,663.72. NSE's Nifty50 index ended at 22,403.85, rising 203.30 points or 0.92 per cent for the day.
 

Some buzzing stocks namely Adani Ports and Special Economic Zone Ltd, ITC Ltd and Tata Motors Ltd are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst, at StoxBox has to say on these stocks ahead of Friday's trading session:
 

Adani Ports and Special Economic Zone | Resistance: Rs 1,400-1,550 | Support: Rs 1,250
The recent weakness in Adani Ports has observed support around its 100-day moving average (DMA) set at Rs 1,250 level, as per the daily charts. Thus, until this support mark is defended, the price action is anticipated to scale higher levels in the following sessions. The next major move is projected to occur over Rs 1,400, which seems to act as an immediate barrier. Once this mark is crossed, the price is set to reach Rs 1,550 mark.
 

ITC | Resistance: Rs 465-475 | Support: Rs 422
ITC has to not only cross the hurdle of Rs 435, its 200-DMA, but must also breakout over Rs 450 to begin a positive scenario. This could then lead a rally to Rs 465 and Rs 475 levels, as per the daily chart. The key support exists at Rs 422, which needs to be honoured on the closing basis. The recent trend exhibits sideways move in the price action, which upon breakout could observe a significant rally.
 

Tata Motors | Resistance: 992 | Support: Rs 900
Tata Motors has indicated a breakdown following the breach of 50-DMA placed at Rs 992-mark, and if fails to garner support around Rs 900 mark, it may enter a short-term bearishness. A breach of Rs 900 would send the price to Rs 800 level, its next key support. To avoid the losing sentiment, the stock must recover over its 50-DMA.  
 

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