Indian benchmark indices posted modest gains during the trading session on Thursday on the back of positive global cues, while the domestic factors remain mixed. BSE Sensex rose 147.89, points or 0.18 per cent, to end the day at 81,053.19. NSE's Nifty50 added 41.30 points, or 0.17 per cent, to close at 24,811.50 for the day.
Some buzzing stocks including YES Bank Ltd, Zomato Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what Kushal Gandhi, Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:
Zomato | Avoid
The price of Zomato has risen by more than 580 per cent from its historical low in July 2022 and by 60 per cent following a multi-year bullish breakout. After the recent earnings announcement, the stock experienced profit booking, following a gap-up opening, encountering immediate resistance at the Rs 278 level. It is advisable to refrain from initiating new purchases in the stock unless the resistance level is conclusively surpassed.
YES Bank | Buy | Target Price: Rs 27.50 | Stop Loss: Rs 23.40
Upon analyzing the price action in YES Bank, it is evident that the stock is encountering resistance near the Rs 27 level, having faced rejection three times. Despite this, the stock exhibits low volatility and an improving relative strength, indicating resilience to sharp declines. This presents a favorable risk-reward opportunity for potential buyers. We recommend purchasing YES Bank with a target price of Rs 27.50 and maintaining a stop loss near Rs 23.40.
Suzlon Energy | Avoid
Suzlon has experienced a substantial 56 per cent surge from its July 2024 lows. However, the current price action suggests a trend of profit booking. Furthermore, the stock is presently demonstrating a lower low and lower high structure, indicating a continuation of profit booking pressure. Additionally, the daily Relative Strength Index (RSI) is exhibiting negative divergence compared to price action, signifying a reduction in momentum. Consequently, it is our recommendation to refrain from purchasing Suzlon at the prevailing market price.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.