Reliance, Bharti Airtel, Larsen & Toubro: How to trade these 3 buzzing Nifty50 stocks

Indian benchmark indices settled sharply lower for another session on Friday on the back of rising geopolitical tension in West Asia, coupled with macroeconomic shocks around rising inflation concerns. The BSE Sensex cracked 1,470.50 points, or 1.93 per cent, to close at 74,563.92, while NSE's Nifty50 nosedived 488.05 points, or 2.06 per cent, to end at 23,151.10 for the day.
 

Select buzzing stocks including Bharti Airtel Ltd, Reliance Industries Ltd and Larsen & Toubro Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on them ahead of Monday's trading session:
 

Larsen & Toubro | Target Price: Rs 3,000-2,800 | Stop Loss: Rs 3,639

We are observing a lower top lower-bottom formation in L&T on the daily chart, which is a sign of weakness. Currently, the stock is underperforming the benchmark indices and even momentum indicator RSI is negatively poised. Hence, momentum on the downside is likely to continue. Traders can consider holding their short position at the current market price, with a strict stop-loss at Rs 3,639, the stock has potential to test Rs 3,000–2,800 over the coming weeks to months.
 

Bharti Airtel | Target Price: Rs 1,703-1,650 | Stop Loss: Rs 1,853

We are observing a lower top lower bottom formation in Bharti Airtel on the daily charts, which is a sign of weakness. Currently, the stock has started trading well below the 200-days SMA (1977) and even the momentum indicator RSI is negatively poised. Hence, momentum on the downside is likely to continue. Traders can consider holding their short position at the current market price, with a strict stop-loss at Rs 1,853, the stock has potential to test Rs 1,703 –1,650 over the coming weeks to months.
 

Reliance Industries | Target Price: Rs 1,240 | Stop Loss: Rs 1,170

RIL is forming lower low formation on the daily chart, which is a sign of weakness. At present, the stock witnessed a pullback in a downtrend and now again has resumed its downward momentum and even the momentum indicator RSI is negatively poised. Hence, momentum on the downside is likely to continue. Traders can consider holding their short position at the current market price, with a strict stop-loss at Rs 1450, the stock has potential to test Rs 1,240–1,170 over the coming weeks to months.