Buy Waaree Energies, Avoid Suzlon & Reliance Power

Buy Waaree Energies, Avoid Suzlon and Reliance Power: Arihant Capital

Arihant Capital has shared its views on three power stocks that are likely to attract attention from traders. The analyst recommends buying Waaree Energies, while suggesting selling or avoiding Suzlon Energy and Reliance Power.

Meanwhile, Indian stock markets ended lower on Friday due to weak global signals and disappointing earnings reports from Indian companies. The BSE Sensex dropped by 542 points to 82,184.17, and the Nifty50 fell by nearly 158 points to 25,062.10.

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Here’s what technical analyst Mileen Vasudeo from Arihant Capital advises:

Reliance Power: Sell

Current Price: ₹56
Target Price: ₹51 – ₹46
Stop Loss: ₹61

Reliance Power is showing signs of weakness as it has fallen below its 50-day moving average. It is also performing worse than the overall market, and indicators show bearish momentum. Traders should keep their short positions and expect the price to fall further.

Waaree Energies: Buy

Current Price: ₹3,190
Target Price: ₹3,290 – ₹3,385
Stop Loss: ₹3,055

Waaree Energies is doing well and forming a strong upward trend. It’s performing better than the market, and indicators suggest continued bullish momentum. Traders are advised to hold or buy this stock for potential gains in the coming weeks.

Suzlon Energy: Sell

Current Price: ₹63
Target Price: ₹57 – ₹53
Stop Loss: ₹66

Suzlon is showing a weak pattern with lower highs and lower lows. It’s underperforming and showing signs of further decline. Traders should maintain short positions and expect the price to drop.

Summary: