Adani Enterprises, Tata Power, HCL Tech: Trading Strategies for these buzzing stocks

Domestic equity indices saw a strong bout of profit booking, as they eventually settled Friday’s trade sharply lower. Fading hopes of rate cuts in June and an escalation in the Middle East conflict dented the sentiment. The BSE Sensex tanked 793.25 points, or 1.06 per cent, to settle at 74,244.90. The NSE Nifty index tumbled 234.40 points, or 1.03 per cent, to end the week at 22,519.40.

Some buzzing stocks namely HCL Technologies Ltd, Adani Enterprises Ltd and Tata Power Co Ltd are likely to remain under the spotlight today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:

Adani Enterprises | Hold | Target Price: Rs 3,300-3,400 | Stop Loss: Rs 3,100
Adani Enterprises is trading in the range of Rs 3,273-Rs 3,178 on the daily chart. At present, the momentum indicator MACD is in a positive territory and the stock is outperforming the benchmark indices. One can hold the stock at current prices with a stop loss of Rs 3,100 for target of Rs 3,400- 3,300 levels in the next couple of weeks.

Tata Power | Hold | Target Price: Rs 477-497 | Stop Loss: Rs 416
Tata Power is observing a higher high formation on the day chart, which is a sign of strength. Even the momentum indicator RSI is positively poised. The stock is outperforming the benchmark index. This suggests that the momentum on the upside is likely to continue. One can hold the stock at current prices with a stop loss of Rs 416 for a target of Rs 477- 497 levels in the next couple of weeks.

HCL Technologies | Sell | Target Price: Rs 1,420-1,370 | Stop Loss: Rs 1,570
The HCL Technologies stock is trading below its 50- and 20 SMAs on the daily chart, which is a sign of weakness. The momentum indicator viz MACD is negatively poised. Hence, one can sell the stock at current levels with a stop loss of Rs 1,570 for a target of Rs 1,420 -1,370 levels in the next couple of weeks.

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.