Stock Market Buzz: Adani Ports, Tata Steel, Suzlon Energy Spark Investor Interest

Indian stock markets experienced a subdued trading session on Friday, with the BSE Sensex closing marginally lower at 75,410.39 and NSE’s Nifty50 ending at 22,957.10. The global market sentiments were impacted by cautiousness following the release of the latest US FOMC minutes indicating a continued hawkish stance on policy rates.

As the new trading week kicks off, all eyes are on the stocks that are expected to be in the limelight. Notable among these are Suzlon Energy, Adani Ports & Special Economic Zone, and Tata Steel. Mileen Vasudeo, a Senior Technical Analyst at Arihant Capital Markets, has shared insights and trading strategies for these buzzing stocks.

Adani Ports & Special Economic Zone is currently exhibiting a rounding base pattern formation on its daily chart, indicating a sign of strength in the stock. With positive indicators like the MACD and strong outperformance against benchmark indices, Vasudeo recommends a ‘buy’ rating for the stock with a target price range of Rs 1,508-1,550 and a stop loss at Rs 1,370.

Tata Steel, on the other hand, is showing signs of strength with a higher high formation on daily charts. Backed by a positively poised RSI, the stock has the potential to continue its upward momentum. Investors are advised to hold the stock at current levels, with a target price range of Rs 202-216 and a stop loss at Rs 160.

For Suzlon Energy, Vasudeo highlights a double bottom formation on the daily charts. Despite the stock retracing its previous rise, the trend remains upward with support levels at Rs 43-41. With the stock outperforming benchmark indices, Vasudeo suggests holding the stock with a target price range of Rs 59-66 and a stop loss at Rs 38.

Investors are urged to exercise caution and consult financial advisors before making any investment decisions, as stock market dynamics can be volatile and unpredictable.