Adani Green, IDFC First Bank, Maruti Suzuki: How should you trade these buzzing stocks

Domestic equity markets ended the week with cuts on Friday as headline peers settled in red over muted global cues, despite a recovery in the second half of the session, which could on trim the losses. BSE Sensex shed 106,62 points, or 0.16 per cent, to settle at 66.160.20, while NSE's Nifty50 fell 13.85 points, or 0.07 per cent, to end the day at 19,646.05.

Select result bound stocks such as Adani Green Energy, Maruti Suzuki and IDFC First Bank are likely to remain under the spotlight on Dalal Street for the session 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 Green Energy | Hold | Target Price: Rs 1,170-1,120 | Stop Loss: Rs 1,050

Adani Green traded well below its 200-day SMA on the daily chart and that it is underperforming the benchmark indices. The stock has been consolidating for the last four months, giving no clear direction. Further, the momentum indicator viz RSI is showing range-bound reading. Hence, one can hold the stock at current prices, with a stop loss of Rs 1,050, for a target Rs 1,170-1,210 levels in the next couple of weeks.

Maruti Suzuki India | Hold | Target Price: Rs 9,840-9,930 | Stop Loss: Rs 9,570

Maruti Suzuki has been consolidating on the weekly chart for four weeks now. The stock is underperforming the benchmark indices. However, the weekly MACD is still in the positive territory. If the stock holds above the Rs 9,575 level, it may continue its up move. One can ‘Hold’ the stock at current levels, with a stop loss of Rs 9,570, for the target of Rs 9,840-9,930 levels in the next couple of months.

IDFC First Bank | Hold | Target Price: Rs 89-92 | Stop Loss: Rs 80

IDFC First Bank has been consolidating for the last 20 days on the daily chart, giving no clear direction. The stock is outperforming the benchmark indices. Further, the momentum indicator viz RSI is showing a flat reading. One can ‘Hold’ the stock at current levels, with a stop loss of Rs 80, for a target of Rs 89-92 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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