Indian benchmark indices managed to post modest gains on Thursday amid the muted global cues over trade tariffs, inflation and currency volatility. However, the street is looking out for the upcoming Union Budget. BSE Sensex added 115.39 points, or 0.15 per cent, to end the session at 76,520.38. NSE's Nifty50 rose 50 points, or 0.22 per cent, to settle at 23,205.35 for the day.
Some buzzing stocks including JSW Steel Ltd, YES Bank Ltd and InterGlobe Aviation Ltd (IndiGo) are likely to remain under the spotlight of traders for the session today. Here is what Ameya Ranadive, Chartered Market Technician and Senior Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:
JSW Steel | Buy | Target Price: Rs 975-985 | Stop Loss: Rs 915
JSW Steel is holding steady above a critical support level at Rs 915. This level has proven to be a solid foundation for the stock, reflecting strong buying interest from investors. From a technical perspective, it is trading above both its 20-day and 200-day EMAs, which is a positive signal for the ongoing trend. The RSI has rebounded from oversold territory, suggesting that buyers are regaining control. Given the favorable technical setup and momentum indicators, JSW Steel appears to be well-positioned for a potential rally, provided it sustains above the key resistance zone. A breakout above Rs 935 could act as a trigger for further upward momentum, potentially taking the stock to a target range of Rs 975-985 in the near term. This makes it an attractive option for traders and investors looking for short-term opportunities. However, any downside movement below Rs 915 could invalidate this bullish outlook and lead to further weakness in the stock. Investors should keep a close eye on these critical levels for directional cues.
YES Bank | Avoid
Yes Bank's technical structure suggests significant weakness. It has been consistently making lower lows and lower highs, which is indicative of a strong bearish trend. This pattern reflects persistent selling pressure and a lack of buyer interest, making it unattractive from an investment standpoint. The RSI is pointing to a lack of strength or upward momentum. The ADX indicates a negative crossover. This configuration signals that the downward trend is strong and likely to continue in the near term. The technical outlook remains bleak, not recommended for buying at the current levels. Traders and investors should avoid taking long positions until clear signs of trend reversal or improvement in momentum are visible.
InterGlobe Aviation | Buy | Target Price: Rs 4,228-4,490 | Stop Loss: Rs 3,940
IndiGo is showing signs of resilience near a strong support zone at Rs 3,960. This has consistently acted as a floor for the stock over the last six months, reflecting robust buyer interest and a favorable risk-reward ratio. It has rebounded multiple times from this level. The RSI has recovered from oversold levels of 30 to 43, and its positive slope suggests a gradual improvement in momentum. A strong move above the support could propel the stock to its immediate targets of Rs 4,228 and Rs 4,490 in the coming months. It's ability to maintain its momentum at these levels indicates that it could offer attractive returns to investors who enter at current prices. However, a close below Rs 3,940 would invalidate this bullish view and may lead to further downside pressure.