In light of the Reserve Bank of India’s decision to maintain interest rates in its recent monetary policy, domestic benchmark indices extended their gains for a second consecutive session. The BSE Sensex, a key indicator, surged by 364.06 points or 0.55%, closing at 65,995.63, while the NSE Nifty climbed 113.85 points or 0.58%, concluding at 19,659.60.
Shifting our focus to the Adani Group, several of its stocks, including Adani Power Ltd, Adani Enterprises Ltd, and Adani Ports and Special Economic Zone Ltd, are anticipated to attract attention in the upcoming trading session. Mileen Vasudeo, a Senior Technical Analyst at Arihant Capital Markets, shared insights on these stocks ahead of Monday’s trading:
- Adani Power | Recommendation: Hold | Target Price: Rs 392-404 | Stop Loss: Rs 350
Adani Power has displayed a sideways movement on the daily chart and currently resides within a critical support range of Rs 360-355. Notably, the stock has been outperforming the benchmark indices, with the momentum indicator RSI showing signs of advanced divergence. It is suggested to hold the stock at its current levels, with a stop loss set at Rs 350, targeting a range of Rs 392-400 in the coming weeks.
- Adani Ports and Special Economic Zone | Recommendation: Hold | Target Price: Rs 870-890 | Stop Loss: Rs 810
On the daily chart, Adani Ports has demonstrated higher top and higher bottom formations, indicative of strength. Currently, the stock is consolidating its previous gains and continues to outperform the benchmark indices. Additionally, the momentum indicator MACD is favorably positioned. Consider holding the stock at current levels, with a stop loss at Rs 810, targeting a range of Rs 870-890 in the next few weeks.
- Adani Enterprises | Recommendation: Hold | Target Price: Rs 2,717-2,836 | Stop Loss: Rs 2,360
Adani Enterprises is currently trading sideways on the daily chart, lacking a clear trend direction. It presently lags behind the benchmark indices, with the momentum indicator RSI indicating flat movement. However, holding the stock with a stop loss set at Rs 2,360 is advisable, with a target range of Rs 2,717-2,836 over the next couple of months.
Please note that the information provided by Business Today regarding the stock market is for informational purposes only and should not be regarded as investment advice. It is strongly recommended that readers consult with a qualified financial advisor before making any investment decisions