Indian benchmark indices ended higher on Friday after an unexpected rate cut by the RBI, along with supportive liquidity measures. Traders will be looking at the US Fed’s policy outcome due later next week, followed by India Inc earnings. BSE Sensex jumped 447.05 points, or 0.52 per cent, to settle at 85,712.37, while NSE’s Nifty50 gained 152.70 points, or 0.59 per cent, to close at 26,186.45 for the day.
Select buzzing renewable energy stocks including Waaree Energies, Inox Wind and Suzlon Energy are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks for Monday’s trading session:
Suzlon Energy | Hold shorts | Target Price: Rs 43-38 | Stop Loss: Rs 55
Prices of Suzlon Energy have faced resistance at the 200-day SMA (Rs 58.50) on the daily charts and are showing a lower low formation. The stock is underperforming the benchmark indices and even the momentum indicator is negatively poised. This suggests that momentum on the downside is likely to continue. Traders can consider holding their existing short positions at the current prices, with a strict stop-loss at Rs 55, the stock has potential to test Rs 43-38over the coming weeks to months.
Waaree Energies | Hold shorts | Target Price: Rs 2,670-2,70 | Stop Loss: Rs 3,000
Waaree Energies is maintaining the lower top lower bottom formation on the daily charts, which is a sign of weakness. The stock is underperforming the benchmark indices and even RSI is negatively poised. Considering the technical factors, traders are advised to hold their short positions at the current levels of Rs 2,869, with a stop loss at Rs 3,000. The stock has the potential to test Rs 2,670-Rs 2,570 in the coming weeks to months.
Inox Wind | Hold shorts | Target Price: Rs 110-100 | Stop Loss: Rs 140
Inox Wind is maintaining the lower top lower bottom formation on the daily charts, which is a sign of weakness. The stock is underperforming the benchmark indices and even RSI is negatively poised. Considering the technical factors, traders are advised to hold their short positions at the current levels, with a stop loss at Rs 140. The stock has the potential to test Rs 110-100 in the coming weeks to months.
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