Indian benchmark indices ended Thursday's trading session with decent gains amid the weekly expiry of F&O contracts on the back of mixed economic data. BSE Sensex gained 204.33 points, or 0.27 per cent to settle at 76,810.90. NSE's Nifty50 index advanced 75.95 points, or 0.033 per cent, to end the session at 23,398.90.
Some buzzing stocks namely YES Bank Ltd, NBCC (India) and Raymond 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 Thursday's trading session:
YES Bank | Buy | Target Price: Rs 27.50 | Stop Loss: Rs 22.60
The price action in YES Bank has been trading within a potential double-bottom pattern at the back of the 200 daily EMA, following a steep correction of 23 per cent from the April highs. It recently staged a bullish breakout. With the moving average acting as immediate support and lower volatility within the stock, the price action offers a lucrative risk-to-reward opportunity for the target of 27.50 against a protective stop loss of 22.60.
NBCC (India) | Buy | Target Price : Rs 190 | Stop Loss: Rs 141
The price action in NBCC (India) has potentially traded within the volatility contract pattern. The contractions have observed time and depth correction, indicating supply absorption at an elevated level. This further indicates accumulation and increasing smart hand participation, diminishing the probability of heavy cuts. The price action shows an improvement in EPS strength, strong price strength, and buyer demand, which is a positive sign. We recommend buying NBCC in the range of 155-152 for the target of 190 with a protective stop at 141.
Raymond | Avoid
Raymond's daily outlook pattern analysis shows that the price action witnessed a bullish breakout from the cup and handle pattern and a stronger follow-through of nearly 17 per cent on the upside. The stock shows high EPS strength, buyers' demand, and improving relative strength compared to the Nifty50 index. However, the price action now trades 8.6 per cent above the mean, and thus, we recommend avoiding buying Raymond at the current market price.
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