On the daily charts of Adani Enterprises, we observe a lower top and lower bottom formation, a sign of weakness. The stock has taken support at the demand zone of Rs 2,140 – 2,160.
Domestic equity markets extended their gains and settled higher on Friday amid the positive global cues, which led NSE’s Nifty50 to hit new record highs. All round buying supported the market sentiments. BSE’s Sensex jumped 492.75 points, or 0.74 per cent, to end at 67,481.19. NSE’s Nifty50, rose about 135 points, or 0.67 per cent, to end the day at 20,267.90.
Some well known and buzzing stocks of Dalal Street namely Adani Enterprises Ltd, YES Bank Ltd and Suzlon Energy 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 these stocks ahead of Monday’s trading session:
Adani Enterprises | Hold | Target Price: Rs 2,470-2,560 | Stop Loss: Rs 2,267
On the daily charts of Adani Enterprises, we observe a lower top and lower bottom formation, a sign of weakness. The stock has taken support at the demand zone of Rs 2,140 – 2,160. Further, the momentum indicator viz. RSI is giving positive divergence, suggesting that momentum on the upside will likely continue. Hence, one can hold the stock at current prices with a stop loss of Rs 2,267 for a target Rs 2,470-2,560 levels in a couple of weeks.
YES Bank | Hold | Target Price: Rs 23-25 | Stop Loss: Rs 17
YES Bank’s daily chart shows that prices moved sharply from 16 to 21 levels. At present, we are witnessing a correction of the previous up move. The stock has good support at the Rs 18 level. Even the stock has started outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 17 for the target of Rs 23-25 levels in the next couple of weeks.
Suzlon Energy | Hold | Target Price: Rs 49-54 | Stop Loss: Rs 34
The daily chart of Suzlon Energy shows a higher high formation, a sign of strength. Further, momentum indicator viz. MACD is positively poised, and the stock even outperforms the benchmark indices. Combining the above parameters, it is evident that momentum on the upside may continue. Hence, one can hold the stock at current levels with a stop loss of Rs 34 for the target of Rs 49-54 levels in the next couple of months.
Disclaimer: West nia 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.