Indian benchmark indices settled flat during the trading session on Thursday as the June quarter results season kicked off. Headline indices traded in a narrow range but settled nearly unchanged for the day. BSE Sensex gave up merely 27.43 points, or 0.03 per cent to end at 79,897.34. Nifty50 index shed 8.50 points, or 0.03 per cent, to settle at 24,315.95 for the day.
Some buzzing stocks namely Indian Renewable Energy Development Agency Ltd (IREDA), YES Bank Ltd and Avenue Supermarts Ltd (DMART) are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:
Indian Renewable Energy Development Agency | Resistance: Rs 240 | Support: Rs 240
IREDA has hit a new all-time high, indicating further upside in the following sessions. The trend is headed towards the Rs 300-mark. Until the support of Rs 240 is protected, the price action is anticipated to scale higher levels. The counter is observing buying momentum in the overbought category of the Relative Strength Index (RSI), implying positive strength in uncharted territories.
YES Bank | Resistance: Rs 28-35 | Support: Rs 21.50
While YES Bank is respecting the key support of its 200-day moving average (DMA), placed at Rs 21.50 level, the stock must cross Rs 28 mark to attract bulls for the next rally. Successive closes over Rs 28 could steer a sharp move towards a new 52-week high, reaching 35 level. The current bias remains sideways, as per the daily chart.
Avenue Supermarts | Resistance: Rs 5,000-5,600 | Support: Rs 4,600
The current trend in the shares of DMART appears sideways, with higher side resistance placed at Rs 5,000 and lower end support at Rs 4,600. Any breakout from this range would clear the next move of 500 - 700 points. On an upward breakout, the price may hit Rs 5,600, while a breach could derail to Rs 4,200.
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