Adani Ports, M&M, LIC: Trading strategies for these buzzing stocks

Domestic equity markets witnessed another choppy session on Thursday and finally settled lower after giving up the initial gains. Headline indices remained range-bound for the day but profit booking dragged them lower. BSE's Sensex dropped 143.41 points, or 0.22 per cent, to end at 64,832.20. NSE's Nifty50 gained 48.20 points, or 0.25 per cent, to end the day at 19,395.30.

Some well known and buzzing power stocks of Dalal Street namely Adani Ports & Special Economic Zone Ltd, Life Insurance Corporation of India Ltd (LIC) and Mahindra & Mahindra (M&M) are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

Adani Ports & Special Economic Zone | Bullish | Target Price: Rs 850 | Stop Loss: Rs 800
Shares of Adani Ports and Special Economic Zone need to deliver consecutive closes over the barrier of Rs 820 to embark on the fresh-up move. Until then, the price may find support in the Rs 800 to Rs 795 range, which was the breakout of minor 'double bottom'. Furthermore, a rally over Rs 850 should see new buyers entering the momentum.

Life Insurance Corporation of India| Cautious | Resistance: Rs 640 | Support: Rs 600
LIC shares are hovering around the 200-simple moving average (SMA), hinting at a positive reversal that may eventually recoup the losing bias. The next barrier is at Rs 640, shows the daily chart. Failure to hold the accumulation range of Rs 600 - 610 could wreck the positive bias and send the price into medium-term bearishness.

Mahindra & Mahindra | Bullish | Target Price: Rs 1,700 | Stop Loss: Rs 1,500
Mahindra & Mahindra requires to absorb all the selling pressure expected to materialize near Rs 1,600 - 1,580 range to break out on the upside. Only upon countering this hurdle range may the stock aim at reaching a new historic peak of Rs 1,700. Immediate support comes to Rs 1500, shows the technical charts.


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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