Indian benchmark indices extended their gains on Thursday ahead of RBI's policy meet outcome due today. Headline indices posted big gains as the election volatility ended and investors continue to weigh in long term valuations and macros. BSE Sensex surged 692.27 points, or 0.93 per cent to settle at 75,074.51. NSE's Nifty50 index surged 201.05 points, or 0.89 per cent, to end the session at 22,821.40.
Some buzzing stocks namely YES Bank Ltd, Adani Power Ltd and SJVN Ltd are likely to remain under the spotlight of traders for the session today. Here is what analysts at Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:
Adani Power | Resistance: Rs 825-900 | Support: Rs 670 The broader outlook for Adani Power remains positive over the key support of Rs 629, its 50-daily moving average (DMA). The immediate trend has a support of Rs 670, which needs to be adhered to on the closing basis. A decisive move over Rs 825 could garner fresh upward bias that can propel stock towards a new all-time high of Rs 900 level.
SJVN | Resistance: Rs 150-175 | Support: Rs 100 SJVN price action is trading in a broad range of Rs 100 to Rs 150, a sideways consolidation that has yet to deliver a directive signal. On the upside, a breakout over Rs 150 could propel the price action heading towards Rs 175 and Rs 190 level, while a breach of Rs 100 mark could send the price to Rs 60 mark. Immediate trend remains sluggish with upward bias.
YES Bank | Resistance: Rs 27-29 | Support: Rs 24.50 The price action in YES Bank could see a move in the upward direction until the support of its 200-daily moving average (DMA) placed at Rs 21 mark survives. The immediate hurdle falls at Rs 24.50, its 100-DMA. A breakout over this level would see the momentum heading towards Rs 27 and Rs 29 levels.
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.