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Domestic stock indices extended their gains for another session on Friday, thanks to positive global cues and buying in select heavyweight pockets. The BSE Sensex surged 319.63 points, or 0.47 per cent, to settle at 67,838.63. The NSE Nifty jumped 89.25 points, or 0.44 per cent, to 20,192.35.
Select largecap stocks namely Adani Power Ltd, ITC Ltd and Tata Steel Ltd are likely to be in focus on Dalal Street today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday’s trading session:Adani Power | Hold | Target Price: Rs 417-436 | Stop loss: Rs 360 The daily chart shows that Adani Power maintains a higher top -bottom formation, a sign of strength. At present, the momentum indicators viz. MACD is positively poised. The stock has higher relative strength. Combining all the above parameters, it is evident that momentum on the upside is likely to continue. One can hold the stock at current price with a stop loss of Rs 360 for a target Rs 417-Rs 436 levels in the next couple of weeks. ITC | Hold | Target Price: Rs 468-478 | Stop loss: Rs 437 The daily chart of ITC shows that prices are trading below the 50-day SMA (Rs 456), which is a sign of weakness. However, the stock has taken support for the second time at the Rs 338 level, which suggests that the stock is in the making of a double-bottom pattern formation. The momentum indicator, viz, the MACD is positively poised, suggesting that upside momentum may continue. One can hold the stock at current levels with a stop loss of Rs 437 for the target of Rs 468-Rs 478 levels in the next few months. Tata Steel | Hold | Target Price: Rs 148-156 | Stop loss: Rs 124 Tata Steel is observing a lateral consolidation on the daily chart for 10 days now. The stock is outperforming the benchmark indices, having higher relative strength. Even the momentum indicator MACD is positively poised. One can hold the stock at current prices with a stop loss of Rs 124 for a target of Rs 148-Rs 156 levels in the next couple of weeks.
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