Adani Power, Reliance, and ICICI Bank: Adani Power’s current bullish trend is encountering a slight roadblock at the Rs 400 level, but the bias is still very positive as long as the support of Rs 350 is categorically rejected.
Domestic stock indices reversed course on Thursday, closing substantially lower after the October series F&O contracts expired. Rising crude oil prices and rising US government yields have also dampened the mood on Dalal Street. The BSE Sensex fell 610.37 points, or 0.92 percent, to 65,508.32. The NSE Nifty ended the day down 192.90 points, or 0.98 percent, at 19,523.55.
Today’s attention may be on a few large-cap stocks, including ICICI Bank, Adani Power, and Reliance Industries. Avdhut Bagkar, Technical Analyst at StoxBox, has the following to say about these stocks ahead of Friday’s trading session:
Adani Power| Buy| Target Price Rs 450| Stop Loss Rs 350
While the present bullish trend is defying a minor chain at the Rs 400 mark for Adani Power, the bias remains largely auspicious until the support of Rs 350 is decisively negated. The stock is witnessing robust sentiment. A rout of Rs 425 could take the stock to the Rs 450 position.
ICICI Bank| conservative
ICICI Bank saw a breakdown below the 50- simple moving normal( SMA) at Rs 969, following which the price action has seen accelerated weakness. The coming support for ICICI Bank exists at Rs 910, which is its 200-SMA. The current sentiment is vulnerable to further bearishness. Stability above the Rs 960 position may help recoup the losing bias.
Reliance diligence| Neutral| Resistance Rs 2,600| Support Rs 2,250
Reliance diligence shares must gauge over the Rs 2,375 position to embark on a bullish bias. Until that happens, the 200- SMA placed at Rs 2,286 serves as a crucial support. The overall trend remains range bound within Rs 2,600 to Rs 2,000 situations. A breakdown underneath Rs 2,250 could ail the reversal trend, causing the counter to drop further.
