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Tuesday, October 26, 2021

Trade Spotlight:What to do, buy, sell or exit in Indian Energy, Tata Power and Amber Enterprise

Jatin Gohil-Reliance SecuritiesIn the trading of October 11, Nifty crossed the 18000 level for the first time making a new high in intraday. However, in the second trading session in the afternoon of the day, there was a slight profit-taking at the upper levels amid volatility. The market had closed yesterday at a record closing high. BSE Sensex had managed to stay above 60,100. At the same time, Nifty closed very close to 18,000.

Banking, financials auto FMCG and select pharma stocks were the biggest gainers. Similarly, Nifty Mid and Smallcap are also seen in bullish momentum. So far in October, it has outperformed Nifty. So far in October, the Nifty has seen a rise of only 2 per cent. Whereas Nifty Mid and Smallcap have given 4 and 5 per cent returns in the same period. Out of the 7 trading days of October so far, the number of rising stocks has been higher than the number of shares falling in 6 trading days.

Amber Enterprises India’s stock was in headlines in yesterday’s trading. In yesterday’s trade, it went up by 3.91 percent to a new high of Rs 3,770.80 in the intraday before closing at Rs 3,639.10 level. Similarly, the stock of power trading platform Indian Energy Exchange touched an all-time high of Rs 798.70 in intraday. In the end, it closed at Rs 780.90 with a gain of 12.21 per cent. It was the biggest gainer in the F&O segment yesterday.

Similarly, power generation company Tata Power also saw a new high of Rs 193.70 in intraday. In the end, the stock closed at 191.50 with a gain of 8.28 percent. The stock was the fourth biggest gainer in the F&O segment yesterday.

Let’s know from Jatin Gohil of Reliance Securities, what should be the strategy in these stocks now

Indian Energy Exchange

Looking at the current setup of the Indian Energy Exchange, it seems that there is a possibility of a bullish trend for now. Further, the level of Rs 1000 can be seen in this stock. New purchases can be made in it even at the current level. At the same time, if there is a fall, buy it around 715 also. Support is visible at Rs 635 level.

Tata Power CompanyAll positive trends remain in this stock. In the long term, a level of Rs 280 can be seen in this stock. But so far this stock has gained a lot of momentum. Therefore, profit recovery at higher levels cannot be ruled out. If there is a fall around Rs 175, buy new in this stock. In case of any downside, this stock will get support around Rs 135. Which is also its 20-week EMA.

Amber Enterprises IndiaThere are full signs of continuation of bullishness in this stock. Further, the level of Rs 5,400 can be seen in this stock. This stock can also be bought on the current level. Buy it even if you get a dip around Rs 3,525. In case of any downside, it will get support around Rs 2,680. From here on again reversal can be seen.

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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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