Adani Enterprises, ICICI Bank, Coforge: Trading strategies for these buzzing stocks

Domestic stock indices settled lower on Saturday. Positive global cues supported the market sentiment but Q3 earnings by select bluechips kept the traders on tenterhooks. For the day, The BSE Sensex dropped 259.59 points, or 0.36 per cent, to settle at 71,423.65. The NSE Nifty declined 50.60 points, or 0.23 per cent, to end the day at 21,571.80.

A few stocks namely Adani Enterprises Ltd, ICICI Bank Ltd and Coforge Ltd are likely to remain in focus today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Tuesday's trading session:

Adani Enterprises | Hold | Target Price: Rs 3,257-3,392 | Stop Loss: Rs 2,850
On the daily charts, Adani Enterprises is observing a sideways movement, which gives no clear direction. However, the momentum indicator viz. MACD is positively poised and the stock is outperforming the benchmark indices. Combining the above parameter, it is evident that the momentum on the upside is likely to continue. One can hold the stock at the prevailing levels with a stop loss of Rs 2,850 for a target of Rs 3,257-3,392 levels in a couple of weeks.

ICICI Bank | Hold | Target Price: Rs 1,093-1,134 | Stop Loss: Rs 970
ICICI Bank has taken support at the demand zone of Rs 975-985 levels on the daily chart. The momentum indicator viz. RSI is positively poised. But the stock is underperforming the benchmark indices. One can hold the stock at the prevailing prices with a stop loss of Rs 970 for targets of Rs 1,093-1,134 levels in the next couple of weeks.

Coforge | Hold | Target Price: Rs 6,700-6,900 | Stop Loss: Rs 6,100
On the daily chart, Coforge’s  RSI is giving a negative divergence, which is a sign of weakness. The momentum indicator viz. MACD has given a negative crossover. But the stock is still outperforming the benchmark indices. This indicates that the stock is still in an uptrend. One can hold the stock at current levels with a stop loss of Rs 6,100 for targets of Rs 6,700-6,900 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.

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