Adani Power, Tata Motors, and IndusInd Bank: Trading strategies for these active stocks

Adani Power, Tata Motors, and IndusInd Bank: Trading strategies for these active stocks

The domestic stock indices experienced a significant surge on Thursday, defying the subdued global cues. The BSE Sensex made significant gains, closing at 71,847.57 with an increase of 490.97 points, or 0.69 percent. The NSE Nifty experienced a significant increase of 141.25 points, or 0.66 percent, concluding the day at 21,658.60. With this development, the two indices ended a two-day period of losses.

Traders will be closely monitoring a few stocks today, including Adani Power Ltd, Tata Motors Ltd, and IndusInd Bank Ltd. Here is the insight from Kushal Gandhi, a technical analyst at Stoxbox, regarding these stocks before Friday’s trading session:

Adani Power: Buy with a target price of Rs 643 and a stop-loss of Rs 535.

Adani Power shares experienced a significant breakout in the previous trading session, suggesting a strong and positive shift in the price movement. The previous significant resistance has now become a potential support level, presenting a favourable opportunity to enter a long position. The target price is set at Rs 643, with a protective stop at Rs 535.

Tata Motors | Purchase | Target Price: Rs 866 | Stop Loss: Rs 765

Tata Motors has been consistently trading within a tight range of Rs 26 over the past four trading sessions. The price action is currently trading at a significant 7 percent deviation from its average. Consider purchasing the stock at a price above Rs 803, once it shows a clear direction, with a target of Rs 866. Set a stop loss at Rs 765

IndusInd Bank | Not recommended

IndusInd Bank has been showing positive momentum on the daily chart, with a pattern of higher highs and lows despite lower trading volume. Despite the stock’s weak price performance, there is a significant resistance zone between Rs 1,680-1,698. Traders are advised to refrain from making any new entries at current levels.

Please note that SwupdateNews is a platform that offers stock market news solely for informational purposes. It is important to understand that the content provided should not be considered investment advice. It is advisable for readers to seek guidance from a skilled financial advisor prior to making any investment choices.

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