Adani Enterprises, Zomato, SBI: Trading strategies for these buzzing stocks – Business Today

Domestic equity indices settled with big gains on Thursday on firm global cues The dovish commentary from the US Federal Reserve pushed dollar and yields lower and domestic stocks higher. The BSE Sensex jumped 489.57 points, or 0.77 per cent, to end at 64,080.90. The NSE Nifty gained 144.10 points, or 0.76 per cent to end the session at 19,133.25. Some buzzing stocks namely Adani Enterprises Ltd, State Bank of India Ltd and Zomato Ltd are likely to remain under the spotlight today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday’s trading session:State Bank of India| Buy over Rs 580 | Target Price: Rs 610-620 | Stop Loss: Rs 560 State Bank of India (SBI) must cross the barrier of Rs 580 on a decisive note to break out on the upside. When that happens, a move towards Rs 610 -620 cannot be ruled out. A closing basis support of Rs 560 could be maintained for the bullish bias. The recent uptrend has seen a positive bias in the oversold territory of RSI, implying an underlying resilience.Adani Enterprises | Bearish view | Support Rs 2,000 | Resistance: Rs 2,400 Adani Enterprises’ trend remains bearish, with the price action losing momentum below the 200-simple moving average set at Rs 2,270. The stock must cross Rs 2,400 to recoup its losing bias; else the sentiment may turn sour in the upcoming sessions. In such instances, the stock may slide towards Rs 2,000.Zomato | Breakout above Rs 115 | Support: Rs 102 Zomato is currently seeing some bias at 50-SMA, as its support is hovering around Rs 102-mark. The stock must withstand the selling pressure emerging around the range of Rs 115 – Rs 114 levels. A move over Rs 115 could see price heading in the direction of Rs 122-Rs 125 levels.Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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