Indian benchmark indices remained range bound on Thursday on the back of weekly F&O expiry and beginning of Q2 earnings seasons. Global cues, on the other hand, remained muted. BSE Sensex gained 144.31 points or 0.18 per cent, to end the session at 81,611.41. NSE's Nifty50 added 16.50 points, or 0.07 per cent, to close at 24,998.45 for the day.
Some buzzing stocks including Mazagon Dock Shipbuilders Ltd, YES Bank Ltd and Adani Power Ltd are likely to remain under the spotlight of traders for the session today. Here is what Ameya Ranadive, CMT CFTe and Senior Technical Analyst at StoxBox has to say on these stocks ahead of Friday trading session:
Mazagon Dock Shipbuilders | Buy | Target Price: Rs 4,750-4,900 | Stop Loss: 3,800
Mazagon Dock is experiencing a phase of profit-booking as the stock consolidates in both time and price. Despite the pullback, the stock has recently regained strength, moving above its 20- and 50-day EMAs, a positive signal for a potential upward move. With its current technical setup, it presents an appealing buy opportunity at these levels. However, the real momentum could kick in once the stock breaks above Rs 4,700, which may unlock significant upside potential. A mean-reversion trade strategy could be viable here, with long positions being considered as long as the price remains above the 100-day EMA, where a stop-loss could be placed for risk management. For mid-term investors, the stock holds promising upside potential, with targets in the range of Rs 4,750 to Rs 4,900. However, caution is advised if the stock breaches the Rs 3,800 level, as that would indicate a shift in sentiment.
YES Bank | Avoid
YES Bank has been one of the most underperforming private sector banks, and the outlook remains bleak. Technically, the stock is trading below all its key moving averages, including the 20, 50, 100, and 200 DEMAs, signaling sustained weakness. The RSI is deeply oversold at Rs 28, but this is not accompanied by signs of a potential reversal, as the overall sentiment remains negative. It has also broken its key trendline support and has experienced a consistent downtrend for several months. From a technical perspective, YES Bank is not a buy at current levels and presents a weak setup for both short- and long-term investors.
Adani Power | Buy on dips | Target Price: Rs 700-725 | Stop Loss: Rs 615
Adani Power has shown resilience at the Rs 620-600 support range, making it a 'buy on dips' candidate. Despite being below its key moving averages, including the 20, 50, and 100 DEMAs, the stock continues to hold above its 200-day EMA, which is a crucial support level. The technical indicators suggest that Adani Power has the potential to see a move towards Rs 700-725 if the current support levels hold firm. For traders, the stock offers an attractive risk-reward setup, with a stop-loss placed just below Rs 615 to manage downside risk. The technical landscape suggests that Adani Power is well-positioned for an upward move once market sentiment turns more favorable.