Adani Power, BHEL, Cummins India: How to trade these buzzing stocks

Indian benchmark indices settled sharply lower on Monday as traders turned their focus towards US Fed's monetary policy later this week. Trader sentiments remain jittered on the back of weak Indian currency and persistent FII outflows. BSE Sensex cracked 609.69 points, or 0.71 per cent, to settle at 85,102.69, while NSE's Nifty50 tanked 225.90 points, or 0.86 per cent, to close at 25,960.55 for the day.
 

Select buzzing stocks including Adani Power, Bharat Heavy Electricals (BHEL) and Cummins India are likely to remain under the spotlight of traders for the session today. Here is what Ganesh Dongre, Senior Technical Analyst, Anand Rathi Shares and Stock Brokers has to say on these stocks for Tuesday's trading session:
 

Cummins India | Buy | Target Price: Rs 4,520 | Stop Loss: Rs 4,420

Cummins India has exhibited a strong notable continuous bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at Rs 4,470 and maintaining a strong support at Rs 4,420. The technical setup indicates the potential for a price retracement towards the Rs 4,520 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at Rs 4,420 offers a prudent approach to capturing the anticipated upside.
 

Bharat Heavy Electricals | Buy | Target Price: Rs 295 | Stop Loss: 270

BHEL has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at Rs 278 and has established a solid support base at Rs 270. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment. The technical setup points to the potential for a price retracement toward the Rs 295 level in the near term. Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at Rs 270 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone.
 

Adani Power | Buy | Target Price: Rs 155 | Stop Loss: Rs 130

Adani Power has exhibited a strong notable continuous bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at Rs 138 and maintaining a strong support at Rs 130. The technical setup indicates the potential for a price retracement towards the Rs 155 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at Rs 130 offers a prudent approach to capturing the anticipated upside.