Adani Enterprises, Nykaa, Balkrishna Industries: What should be your strategy amid volatility
Domestic benchmark indices snapped the two-day winning streak on Friday amid fears of recession in developed economies. The BSE Sensex slipped 123.52 points, or 0.20 per cent, to 60,682.70. NSE’s Nifty50 index shed 36.95 points, or 0.21 per cent, to 17,856.50.
Select stocks such as Adani Enterprises, FSN E-Commerce Ventures (Nykaa) and Balkrishna Industries were on traders’ radar. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these three stocks for Monday’s trading session:
Adani Enterprises | Sell | Target Price: Rs 1,435-1,000 | Stop Loss: Rs 2,250
Adani Enterprises is witnessing a pullback rally in a downtrend. In the last week, it was up 16 per cent. However, the trend remains down and, hence, pullback rallies are likely to attract selling pressure. Hence, hold the short position with a stop loss of Rs 2,250 and a target of Rs 1,400-1,000 levels over the next couple of weeks.
FSN E-Commerce Ventures | Buy | Target Price: Rs 176-196 | Stop Loss: Rs 140
FSN E-Commerce Ventures’ (Nykaa) trend remains downward. The scrip is witnessing a pullback rally. The RSI has exited the oversold zone and is headed higher. This suggests the upside momentum may continue. One can buy the stock at current level, keeping a stop loss at Rs 140, for a target of Rs 176-196 levels over the next couple of weeks.
Balkrishna Industries | Buy | Target Price: Rs 2,438-2,550 | Stop Loss: Rs 2,170
Balkrishna Industries is maintaining higher-high formations on the daily chart. Further, the momentum indicator viz. RSI is positively poised. The stock is showing higher relative strength. This suggests that the upside momentum is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 2,170 and a target of Rs 2,438-2,550 for the next couple of weeks.
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