Expert outlines short-term trading strategies for Jindal Stainless, M&M, Adani Enterprises

Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, noted that the Nifty is trading below the crucial 23,000 support level. He identified 23,300–23,600 as the key resistance zone on the upside, with a sustained move above this range potentially signaling improving momentum. The broader support zone remains 23,000–22,700. Bank Nifty is also under pressure near 55,500, with 55,000 acting as the next major support, aligning with the 61.8% retracement level, while 56,000 remains the immediate hurdle on the upside.

Regarding Jindal Stainless, Patel said the stock is showing signs of strength after finding support near its important 200-DEMA, indicating that long-term trend support is holding. Buying interest around this key moving average makes the current zone technically significant. Momentum indicators are supportive, with both daily and weekly RSI sustaining above the 50 level. As long as the stock holds above the ₹725 stop loss zone, traders can consider buying with a stop loss at ₹725 and an initial target of ₹800.

For Mahindra & Mahindra (M M), Patel highlighted a potential bullish reversal on the daily chart, marked by a bullish engulfing candlestick pattern near the stock’s previous demand zone, indicating renewed buying interest at an important support area. This is supported by a 9-period bullish divergence on the RSI, suggesting weakening downside momentum. If the stock sustains above immediate resistance levels and buying momentum continues, it could move towards the ₹3,180 target, with a stop-loss at ₹2,950 on a closing basis.

On Adani Enterprises, Patel pointed to weakening momentum on the daily chart, citing a bearish divergence in RSI followed by a negative cross in the 10- and 20-DEMA structure, indicating the recent uptrend may be losing strength. The RSI is struggling to sustain momentum and has repeatedly failed to cross the 60–70 zone, suggesting limited upside. Considering the combination of weakening price momentum and negative technical signals, the stock may remain vulnerable to a corrective move. Traders can consider selling in the ₹2,950–2,900 zone, with a stop loss at ₹3,050 and a target of ₹2,650.

The article includes a disclaimer stating it is for educational purposes only and does not constitute investment advice. The views expressed are those of the expert and not Mint. Investors are advised to consult certified experts before making investment decisions, as market conditions can change rapidly.