Adani Enterprises, PNB, Hindustan Aeronautics: How should you trade these buzzing stocks?

Domestic stock indices on Friday declined for the second straight session amid weak global cues.  The BSE Sensex dropped 259.52 points, or 0.41 per cent, to settle at 62,979.37. The NSE Nifty slipped 105.75 points, or 0.56 per cent, to 18,665.50.

 
Select stocks such as Adani Enterprises, Punjab National Bank (PNB) and Hindustan Aeronautics (HAL) are likely to be in limelight on Monday. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of the trading session:

Adani Enterprises | Sell | Target Price: Rs 2,028-1,828 | Stop Loss: Rs 2,430
Adani Enterprises formed a strong bearish candle on the daily chart, with higher volumes. At present, the immediate resistance for the stock is at Rs 2,171. if the level is breached, the selling may intensify. The stock is showing poor relative strength and is underperforming the benchmark index. Even the momentum indicator, viz., MACD, is negatively poised. Hence, one can sell the stock at current prices with a stop loss of Rs 2,430 for a target of Rs 2,028-1,828 levels in the couple of weeks.

Punjab National Bank | Hold | Target Price: Rs 56-59 | Stop Loss: Rs 47
Punjab National Bank (PNB) is trading sideways in the range of Rs 49- 53 on the daily chart. Even the momentum indicator, viz., the RSI, is trading flat and is giving no clear direction. The stock is, however, outperforming the benchmark index. Hence, one can hold the stock at current levels with a stop loss of Rs 47 for a target of Rs 56-59 levels in the next couple of months.

Hindustan Aeronautics | Hold | Target Price: Rs 3,720-3,900 | Stop Loss: Rs 3,520
Hindustan Aeronautics (HAL) shares saw a steep rise. They are now correcting their prior up move. The stock has support at Rs 3,580–3,560 level. Further, the momentum indicator, viz., MACD, has given a negative crossover, which is a sign of weakness. Hence, one can hold the stock at current levels with a stop loss of Rs 3,520 for a target of Rs 3,720-Rs 3,900 levels in the next couple of weeks.


(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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