NSE indices rejig: Adani Enterprises, Adani Total, HAL can rally up to 10%

Adani Total Gas is the only stock that has closed in green each quarter since the Covid-19 pandemic, shows the quarterly chart. The stock has surged 14 times from the pandemic lows

Shares of Adani Enterprises, the flagship company of the world's third richest person Gautam Adani, hit a new historic peak on Friday after the announcement that the stock will be included in the Nifty 50 index from September 30. 

The company will replace Shree Cement in the Nifty 50 index, becoming the second Adani group company to be included after Adani Ports. READ MORE

As part of its periodic review, the National Stock Exchange (NSE) has also rebalanced stocks in the Nifty Next 50 index. Select stocks including Indian Railway Catering And Tourism Corporation (IRCTC), Adani Total Gas, Hindustan Aeronautics(HAL), Shree Cement, Bharat Electronics, and Samvardhana Motherson International will be included in this index. 
 

Here's what the outlook for these stocks looks like on technical charts: 

Adani Enterprises Ltd (ADANIENT)

Likely target: Rs 3,600

Upside potential: 10%

Adani Enterprises has surged 91 per cent so far in 2022, and it is continuing to see a higher interest of market participants, according to the monthly chart. The stock soared 24 per cent in August, after a 17 per cent run-up in July 2022. After breaking out over Rs 1,900 and Rs 2,400 levels, the stock's major hurdle now falls at Rs 3,200-mark. A successive weekly closing above Rs 3,200 could inspire fresh upside bias.The positive trend, thereafter, could take the stock to Rs 3,600 levels. Support for the stock comes at Rs 3,100 and Rs 3,000 levels. CLICK HERE FOR THE CHART

Hindustan Aeronautics Ltd (HAL)

Likely target: Rs 2,600

Upside potential: 10%

The "Higher High, Higher Low" formation continues to experience a bullish undertone for Hindustan Aeronautics. The stock has gained buying accumulation in the overbought territory of RSI, Relative Strength Index (RSI), shows the daily chart. Immediate support falls at Rs 2,250 and then at Rs 2,200; and the positive outlook aims at an upside to Rs 2,650-mark. CLICK HERE FOR THE CHART 

Mphasis Ltd (MPHASIS)

Outlook: Downtrend continues, support at Rs 2,000

The stock is in a downtrend, having seen every exciting reversal being dominated by elevated selling pressure, as per the daily chart. The immediate barrier falls to Rs 2,450 and Rs 2,650 levels. While the stock is currently attempting to hold ground over Rs 2,000-mark, a slip beneath Rs 2,000 could spell further bearishness for a medium-term outlook. Also, the stock broke on a "Death Cross" back in May, which continues to discredit sentiment even more. CLICK HERE FOR THE CHART

Samvardhana Motherson International Ltd (MOTHERSON)

Outlook: Breakout at Rs 130

While the overall daily chart structure denotes a formation of "Inverse Head and Shoulder", only an up move over the Rs 130 mark could see an upward breakout. So far, the stock has held the support of Rs 120 and until it stays above the same, the positive bias is anticipated to be afloat. A breakout would see a rally towards Rs 140 levels.  CLICK HERE FOR THE CHART

Bharat Electronics Ltd (BEL)

Likely target: Rs 365

Upside potential: 10%

Shares of Bharat Electronics have soared 40 per cent so far this year. The bullish trend is robust and the daily chart continues to exhibit a bullish momentum on every healthy correction. The stock is ready to hit Rs 365 with the underlying sentiment gravely dominating the selling pressure. The immediate support comes to Rs 308 levels. CLICK HERE FOR THE CHART

Adani Total Gas Ltd (ATGL)

Likely target: Rs 4,000

Upside potential: 9%

Adani Total Gas is the only stock, from the top NSE500 gainers, that has closed in green each quarter since the Covid-19 pandemic, shows the quarterly chart. The stock has surged 14 times from the pandemic lows and continues to reach uncharted territories. The immediate support comes to Rs 3,200 and as long as the stock holds this neckline, the positive bias shall further see Rs 4,000-levels. CLICK HERE FOR THE CHART

Indian Railway Catering And Tourism Corporation Ltd (IRCTC)

Outlook: Hurdle at 200-DMA

IRCTC is struggling to conquer the 200-day moving average (DMA) set at Rs 741 level. On the downside, the support exists at Rs 660-mark, its 100-DMA. Breakout over 200-DMA shall see a rally towards Rs 800 levels. CLICK HERE FOR THE CHART