Adani Power, Vedanta, ITC: Stocks to trade— Check key levels, target, stop loss & more

Indian equity benchmark indices ended slightly lower on Wednesday after a range-bound session amid easing geopolitical tensions and persistent FII outflows. The BSE Sensex shed 141.90 points, or 0.19 per cent, to close at 75,867.80, while NSE’s Nifty50 retreated only 6.55 points, or 0.03 per cent, to end at 23,907.15 for the day.

Select buzzing stocks including Vedanta Ltd, ITC and Adani Power Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on them ahead of Friday’s trading session:
 

Adani Power | Caution | Resistance: Rs 255| Stock Loss: Rs 233

Adani Power is now experiencing profit booking, after a sharp rally from Rs 208 to Rs 252, indicating a likely short-term pause or correction. The formation of a shooting star candlestick suggests weakening bullish momentum. Immediate support lies in the Rs 230–233 range, which coincides with the previous swing high. A breakdown below this zone could intensify selling pressure, potentially pushing the price towards the Rs 224–219 levels. On the higher side, the stock must convincingly move above and sustain beyond Rs 255 to revive bullish sentiment. Until this level is reclaimed, the chances of a sustained uptrend appear limited.
 

Vedanta | Buy on dips | Target Price: Rs 380 | Stock Loss: Rs 320

Vedanta is displaying a robust technical setup, characterized by a consistent higher high–higher low formation, indicating sustained bullish momentum. The stock has recently surpassed its previous week’s swing high and closed with a strong bullish candle, signalling continued upward strength. The overall structure points toward further upside potential, with the next target around Rs 380. Traders may consider buying on dips toward the Rs 335–340 range, with a stop loss placed below Rs 320, maintaining a favourable risk-reward profile while the uptrend remains intact.
 

ITC | Caution | Resistance: Rs 318 | Stock Loss: Rs 285

ITC Ltd continues to trade within a dominant bearish trend, characterized by a persistent pattern of lower highs and lower lows, reflecting sustained selling pressure. While it found interim support around 285, the subsequent rebound lacked strength and failed to surpass the key swing high at Rs 318, signalling weak buying interest and raising the risk of another downward move. Unless the stock manages to break above and hold the crucial Rs 318–320 resistance zone, the overall outlook remains cautious with a trend reversal only likely upon a decisive move beyond this barrier.