Nifty on Wednesday erased entire Budget gains at fag-end of the session amid a selling in Adani Group stocks. Nifty fell 45.85 points, or 0.26 per cent, to 17,616.30, even as Sensex ended up gaining 158.18 points, or 0.27 per cent, to 59,708.08.
Select stocks such as Adani Enterprises, Titan Company and Britannia Industries were on traders’ radar. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities suggests has to say on these three stocks for Thursday’s trading session:
Britannia Industries | Buy | Target Price: Rs 5,280 | Stop Loss: Rs 3,930
For last nearly six weeks, the Britannia stock has been consolidating in a broader range of Rs 4,450-4,200 and is seeing consistent buying around support levels. On the daily chart, the stock is holding well above its short and long-term moving averages, with bullish crossover of 20- and 50-day SMAs. Beside, the daily MACD is also showing positive crossover above the zero-reference line, indicating positive sentiment on the counter. Other indicators are positively poised to support the current strength. As the stock is in the bullish trend, the current levels can be considered as a buying opportunity with a stop loss below Rs 3,930 on a closing basis for the upside target of Rs 5,280.
Titan Company | Hold | Target Price: Rs 2,460 | Stop Loss: Rs 2,250
Tata Company has been falling continuously with lower high-lower low formations, post a negative crossover of 100- and 50-day simple moving averages. The MACD histogram hovers in the negative territory while the RSI and stochastic bounced back from its oversold zone. Overall, mixed signals are emerging on the daily charts. Until the stock gives a decisive closure above Rs 2,430-2,460 zone, there is a possibility of rangebound move on the counter. Till then, the level of Rs 2,250 could act as support.
Adani Enterprises | Neutral | Resistance: Rs 3,050 | Support: Rs 1,940
After giving a breakdown from its distribution pattern at top, the scrip has been making lower tops- lower bottoms and there has been no respite from the ongoing sell-off in the counter. Technically, all the major indicators are in the bearish tune, indicating inherent weakness on the counter. The scrip has breached the previous swing low of Rs 2,665 and entered the new low zone after witnessing massive volatility on the daily chart. Until it makes solid base near the swing low of Rs 1,940-2,000 zone, traders should stay away from taking any position in the scrip.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)
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