Big Movers on D-St: What should investors do with Adani Enterprises, EIH and BEL?

The Indian market closed flat on Friday tracking mixed global cues. The S&P BSE Sensex failed to hold on to the 59,000 mark while Nifty50 also held on to 17,550.

Sectorally, buying was seen in capital goods, banks, FMCG, and telecom while selling was seen in oil & gas, energy, metal, and IT stocks.

Stocks that were in focus include Adani Enterprises which rose nearly 4 per cent, EIH which rallied nearly 18 per cent, and Bharat Electronics which hit a fresh 52-week high.

Here's what Santosh Meena, Head of Research, Swastika Investmart, recommends investors should do with these stocks when the market resumes trading today:

Adani Enterprises: Buy| Target Rs 3700
The counter is in an eternal bull rally. In Friday’s trading session, the stock reached its all-time high at around Rs 3369.40. The overall structure is remunerative as it trades above its all-important moving averages.

At the current level, new positions on the counter are not recommended. Traders can wait for a healthy correction around the Rs 2900-3000 zone for a target of Rs 3700-plus for the long-term.

EIH: Buy| Target Rs 200-225
The counter is in the formation of a rising wedge pattern where the bulls are in control of making higher highs and higher lows formation on the weekly chart, while on the daily chart, the counter has given a breakout of flag formation.

The overall structure looks lucrative as it trades above all its SMA moving averages, and the momentum indicators are also positively poised.

On the upside, the counter is facing a susceptible area of around Rs 200, above this one can expect a level of Rs 225 while on the downside Rs 170 is the important support level.

BEL: Avoid
PSU Defense counter is in a classical bull run; in Friday's trading session, it reached its all-time high at around Rs 329.70.

Just avoid at the current level for taking a new position; wait for a correction at around Rs 270 for the target of Rs 360-plus for the long-term.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)