Adani Ports, Tata Power, Central Bank: Trading strategies for these buzzing stocks

Domestic equity indices settled higher on Friday ahead of the extended weekend. The BSE Sensex rose 320.09 points, or 0.49 per cent, to settle at 65,828.41. The NSE Nifty advanced 114.75 points, or 0.59 per cent, to end at 19,638.30.

A few active counters namely Tata Power Company, Adani Ports & Special Economic Zone and Central Bank of India are likely to be in focus today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets to say on these stocks ahead of Tuesday trading session:

Tata Power Company | Hold | Target Price: Rs 284-296 | Stop Loss: Rs 250
Tata Power saw higher top and higher bottom formations on the daily chart. It 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 RSI is positively poised. Hence, one can hold the stock at the current level with a stop loss of Rs 250 for a target Rs 284-296 levels in the next couple of weeks.
 
Adani Ports and Special Economic Zone | Hold | Target Price: Rs 858-874 | Stop Loss: Rs 810
Adani Ports saw higher top and higher bottom formations on the daily chart, signalling strength. The stock is consolidating the previous rise. The stock is outperforming the benchmark indices. Even the momentum indicator MACD is positively poised. Hence, one can 'Hold’ the stock at current levels with a stop loss of Rs 810 for a target of Rs 858-874 level in the next couple of months.
 
Central Bank of India | Hold | Target Price: Rs 61-66 | Stop Loss: Rs 46
Central Bank of India saw observe higher top and higher bottom formations on the daily chart. For nine trading sessions, the stock is trading sideways. Yet, it is outperforming benchmark indices. The momentum indicator RSI is trading flat. Hence, one can 'Hold’ the stock at the prevailing market price with a stop loss of Rs 46 for the target of Rs 61-66 level 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.

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