Suzlon Energy, Adani Ports, Tata Steel: Trading strategies for these 3 buzzing stocks

Indian benchmark indices settled marginally changed, slightly lower, on Friday after hitting new highs for the day. Global sentiments remained subdued as the recent US FOMC minutes suggest a continued hawkish stance on policy rates. BSE Sensex shed merely 7.65 points, or 0.01 per cent to settle at 75,410.39. NSE's Nifty50 index declined 10.55 points, or 0.05 per cent, to end the session at 22,957.10.

Some buzzing stocks namely Adani Ports & Special Economic Zone Ltd (APSEZ), Tata Steel Ltd and Suzlon Energy Ltd 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 ahead of Monday's trading session: 

Adani Ports & Special Economic Zone | Buy | Target Price: Rs 1,508-1,550 | Stop Loss: Rs 1,370

We are observing rounding base pattern formation on the daily chart of Adani Ports, which is a sign of strength. Further, the momentum indicator MACD is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameter, it is evident that momentum on the upside may continue. Hence, one can 'buy' the stock at current levels with a stop loss of Rs 1,370 for a target of Rs 1,508-1,550levels in the next couple of weeks.

Tata Steel | Hold | Target Price: Rs 202-216 | Stop Loss: Rs 160

We are observing higher high formation in Tata Steel On the daily charts, which is sign of strength. Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. This suggests that upside momentum is likely to continue. Hence, one can hold the stock at current prices with a stop loss of Rs 160 for a target Rs 202 – 216levels in a couple of weeks.

Suzlon Energy | Hold | Target Price: Rs 59-66 | Stop Loss: Rs 38

On the daily charts of Suzlon Energy, we are observing a double bottom formation. At present, the stock is retracing the previous rise. However, the trend remains up and stock has support at Rs 43 – 41 level. Further, we are observing that the stocks are outperforming the benchmark indices. Hence, one can hold the stock at current price with a stop loss of Rs 38 for the targets of Rs 59 – 66 levels in the next couple of weeks.