RIL, Adani Ports, Tata Steel: Trading strategies for these buzzing blue-chip stocks

Indian benchmark indices settled with decent gains on Friday to end the week on a positive note. However, the selling pressure in the IT counters capped the upside ahead of truncated week, concluding FY24 for Dalal Street.

The BSE Sensex gained 190.75 points, or 0.26 per cent, to close at 72,831.94, while NSE’s Nifty50 jumped 84.80 points, or 0.39 per cent, and settled at 22,096.75.

Some buzzing blue-chip stocks namely Tata Steel Ltd, Adani Ports & Special Economic Zone Ltd and Reliance Industries 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 Tuesday’s trading session:

Tata Steel | Buy | Target Price: Rs 161-166 | Stop Loss: Rs 146
We are observing an accumulation pattern, which is a sign of strength, on the daily charts of Tata Steel. Further, momentum indicator viz. RSI is positively poised and even the stock is outperforming the benchmark indices. Combining the above parameter, it is evident that momentum on the upside may continue. Hence, one can buy the stock at current levels with a stop loss of Rs 146 for targets of Rs 161-166 levels in a couple of months.

Reliance Industries | Hold | Target Price: Rs 3,000-3,050| Stop Loss: Rs 2,850
We are observing that Reliance Industries has taken good support at Rs 2,825 level and has reclaimed the 50-day SMA (Rs 2,880) on the daily charts. Further, momentum indicator viz. RSI is positively poised and even the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 2,850 for targets of Rs 3,000 -3,050 levels in the next couple of weeks.

Adani Ports & Special Economic Zone | Hold | Target Price: Rs 1,350-1,380 | Stop Loss: Rs 1,250
We are observing that Adani Ports has reclaimed the 50-day SMA (Rs 1,258) with high volumes on the daily charts. Further, the stock has good support at Rs 1,270-1,260 level. Even, momentum indicator viz. MACD is positively poised and the stock is outperforming the benchmark indices.Hence, one can hold the stock at current levels with a stop loss of Rs 1,250 for targets of Rs 1,350 -1,380 levels in the next couple of months.

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