Adani Green, Tata Steel, ITC: What should be your trading strategy for these buzzing stocks?

Domestic stock indices snapped a two-day winning streak on Thursday. The BSE Sensex dropped 284.26 points, or 0.46 per cent, to settle at 63,238.89. The NSE Nifty shed 85.60 points, or 0.45 per cent, to 18,771.25.

Select stocks such as Tata Steel, ITC and Adani Green Energy are expected to be see action today. Here is what Riches Vanara, Technical And Derivatives Analyst at Stoxbox has to say on these stocks ahead of Friday's trading session:

Tata Steel | Avoid | Support: Rs 109
Tata Steel has continued to slip from its resistance of the previous gap-up area near Rs 115, which was acting as an area of supply amid a deteriorating relative performance to Nifty. The stock had on Thursday saw a gap down opening, falling 2.5 per cent as it turned ex-date for dividend.  It has immediate support at Rs 109. One can avoid the stock at this point in time.

Adani Green Energy | Buy | Target Price: Rs 1,074 | Stop Loss: Rs 928
Adani Greene's pattern analysis on the daily chart shows that the price action is trading in a potential Symmetrical Triangle pattern. The stock continues to show volatility compression as it eyes a bullish breakout from the pattern. This is a positive sign as the buyers and the sellers are making an attempt to get into equilibrium and the risk-reward remains favorable. One can buy the stock for the target of Rs 1,074 with a stop loss placed at Rs 928.

ITC | Avoid 
ITC's price action indicates that the stock is currently under distribution, with the RSI diverging negatively against the price. The price action has stiff support at 30-DEMA trading near the Rs 440 level. On the derivatives front, the strike of Rs 440 has seen the highest build-up of call open interest. Hence, one can avoid ITC at current market price.

(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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