Indian headline indices settled sharply higher during the trading session on Thursday as the benchmark indices scaled new highs amid the weekly expiry of F&O contracts. Banking and auto sectors emerged as the top performers for the day. BSE Sensex zoomed 1,196.98 points, or 1.61 per cent to settle at 75,418.04. NSE's Nifty50 index surged 369.85 points, or 1.64 per cent, to end the session at 22,967.65.
Some buzzing stocks namely Adani Enterprises Ltd, YES Bank Ltd and Hindustan Zinc 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:
Adani Enterprises | Buy | Target Price: Rs 3,885 | Stop Loss: Rs 3,150 The pattern analysis of Adani Enterprises on the daily timeframe shows a stronger pullback rally from the support of the 200-day MA. The price action has pared 23.4 per cent of losses in the last 9 trading sessions, reclaiming the 50-day and shorter-term MAs on improving relative strength compared to the 50 index and expanding volume. We recommend buying Adani Enterprise for the target of 3885 with a protective stop at 3150.
Hindustan Zinc | Avoid The price action of Hindustan Zinc has formed a potential exhaustion gap, following a 183 per cent parabolic move from the early March lows. The price action formed a doji showing indecision about the current up-leg. The stock is currently trading at a distance of 38.5 per cent from the mean, and thus, we reckon to avoid chasing it at an extended price.
YES Bank | Avoid The price action of YES Bank is trading with a negative bias and deteriorating relative strength compared to the 50 index. While the 50 daily MA trading near Rs 23.93 acts as overhead resistance, the price action has managed to protect the 200 daily MA, which acts as immediate support. The RSI across daily and weekly timeframes is trading below their medians, respectively, indicating lesser price momentum. We recommend avoid buying the shares of YES Bank at the current market price and waiting for the price action to steer clear above the resistance.
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