Market Trading Guide: Buy Adani Power and UltraTech Cement on Tuesday for Gains Up to 12% The Nifty index ended a three-day losing streak with strong gains, forming a bullish reversal pattern. Analysts suggest the market may see a near-term recovery, with Adani Power and UltraTech Cement presenting technical buying opportunities. The index rebounded sharply after a decline, driven by gains in banking, automotive, and consumer stocks. Technical indicators indicate potential for a rebound in these stocks. Rupak De, a senior technical analyst at LKP Securities, noted that the broader market sentiment has not changed significantly despite the Nifty’s recovery. He explained that the index did not sustain below the 23,000 level and quickly moved back above it, signaling a possible short-term technical pullback. De highlighted that the index could target 23,800 or higher on the upside, while immediate support is at 23,200. A break below this level could push the index into weakness. Analysts recommend buying Adani Power at Rs 155, with an upside potential of 12%. The stock’s technical structure shows bullish momentum, as it is attempting a breakout from a descending trendline formed over the past few months. The price has rebounded strongly from the rising trendline support near 136, trading above key short-term moving averages. A recent bullish candle supported by increased volume reflects renewed buying interest, and the RSI has moved above the 60 level, signaling strengthening momentum. For UltraTech Cement, the recommendation is to buy at Rs 11,100 with a target of Rs 12,200 and a stop-loss at Rs 10,530. The stock’s technical outlook suggests a buying opportunity as it approaches a long-term rising trendline support near 10,600–10,800.#ultratech_cement #adani_power #nifty_index #lkp_securities #rupak_de
