Reliance Industries, Bharti Airtel, Waaree: Stocks to buy— price targets, stop loss & more

Indian equity benchmark settled lower on Friday on the back of profit booking ahead of the weekend after the recent relief rally. Sentiments turned cautious after muted performance by Accenture, dampening IT stocks. The BSE Sensex tanked 607.08 points, or 0.78 per cent, to close at 76,802.90, while NSE's Nifty50 dropped 154.90 points, or 0.64 per cent, to end at 24,013.10 for the day.

Select buzzing stocks like Bharti Airtel, Reliance Industries Ltd (RIL) and Waaree Energies Ltd are likely to remain under the spotlight of traders for the session today. Here is what Muthuselvaraj M, Technical Research analyst at Mirae Asset ShareKhan has to say on them ahead of Monday's trading session:


Bharti Airtel | Buy | Target Price: Rs 2,075-2,165 | Stop Loss: Rs 1,765
Bharti Airtel Ltd has traded on the verge of a breakout from a falling channel, suggesting that the positive trend will continue towards Rs 2,075-2,165, with key support at Rs 1,765 for the near and short term. The price is leading above all exponentials on the daily chart. Both MACD and RSI momentum indicators are aligning with a positive crossover and upward stance above 60. Thus, we expect the strength to continue its upward trajectory in the upcoming session.


Reliance Industries | Wait & Watch | Resistance: Rs 1,390 | Support: Rs 1,253
RIL has been in a consolidation phase after correcting 23 per cent from its peak of Rs 1,611.80 on the daily chart. It is currently demonstrating resilience from its 52-week low of Rs 1,253.2, suggesting a pullback rally could potentially push the stock towards the Rs 1,390-1,425 range, which is identified as a short-term resistance level. Conversely, a break below the Rs 1,253 mark could see the stock decline to a support level of Rs 1,190. The daily momentum indicators RSI and MACD have shown an upward trend and a positive crossover near the equilibrium point. This alignment is indicating a positive bias for Reliance stock in the near to short term.


Waaree Energies | Buy | Target Price: Rs 3,330-3,435 | Stop Loss: Rs 2,960
Waaree Energies has traded positively, taking support from its swing low after retracing the nearest high at Rs 3,557 on the daily chart. Currently, it is expected to trade upwards once it surpasses the hurdle of Rs 3,180 on the upside. A break above this level could imply a rally towards Rs 3,330-3,435 for the near and short term. Thus, investors are advised to hold, with support at Rs 2,960 on the downside. The price is supported by a golden crossover of 200 and 50 EMAs at Rs 3,034 and Rs 3,090 respectively. The daily momentum indicators have shown a positive cross and upward stance, aligning a positive bias for Waaree Energies in the near to short term.