Domestic stock indices on Monday extended losing streak to the second straight session, tracking weak global cues. Sensex declined 250.86 points, or 0.41 per cent, to 60,431.84. Nifty fell 85.60 points, or 0.20 per cent, to 17,770.90. Select stocks such as Indian Railway Catering and Tourism Corporation (IRCTC), Tata Consultancy Services (TCS) and Adani Ports & Special Economic Zones (Adani Ports) were on traders’ radar. Here is what Ravi Singh, Vice-President and Head of Research at Share India has to say on these stocks ahead of Tuesday’s trading session:
IRCTC | Buy | Target Price: Rs 690 | Stop Loss: Rs 600
IRCTC shares are showing strength on daily and weekly charts. The MACD indicator and moving averages are in buy zone, suggesting a strong move ahead. Traders may take a long position in the range of Rs 620-630 levels for a target of Rs 690 level, with a stop loss placed at Rs 600 level from a near-term perspective.
Tata Consultancy Services | Buy | Target Price: Rs 3,600 | Stop Loss: Rs 3,370
TCS shares are trading above most of their long and short-term moving averages, sending positive signals. The scrip has also given a breakout from a Cup and Handle pattern on the daily chart, which is also a positive sign. A long position can be made in the range of Rs 3,450-3,500 range for the target of Rs 3,600 level, with a stop loss placed at Rs 3,370 level.
Adani Ports | Buy with caution | Target Price: Rs 600 | Stop Loss: Rs 480
For Adani Ports, most of the technical factors are acting against the stock. In the current situation, a high volatility contra strategy may be suggested for risk appetite investors. Adani Ports would look attractive at around Rs 500. We have a target of Rs 600 on the stock, with a small stop loss placed at Rs 480 level.
(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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