Indian equity markets ended the week on a positive note. Headline indices managed to post gains despite a mixed trend of global and domestic cues including concerns over rate cuts, consistent FIIs selling and election led uncertainty. BSE Sensex gained 260.30 points, or 0.36 per cent to settle at 72,664.47. NSE's Nifty50 index ended at 22,055.20, rising 97.70 points or 0.44 per cent for the day.
Some buzzing stocks namely Adani Power Ltd, YES Bank Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Adani Power | Buy | Target Price: Rs 641-661 | Stop Loss: Rs 580 We are observing that prices of Adani Power have taken a support at the 50-day SMA at Rs 575 and formed a bull candle with rising volume on the daily charts. Further, the momentum indicator RSI is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameter, it is evident that momentum on the upside may continue. Hence, one can 'buy' the stock at current levels with a stop loss of Rs 580 for targets of Rs 641 and Rs 661 levels in a couple of weeks.
YES Bank | Hold | Target Price: Rs 26-28 | Stop Loss: Rs 20 We are observing that stock price of YES Bank has come very close to the rising 200-day SMA at Rs 21.11 on the daily charts. Further, the prior swing low is at Rs 20.75. Hence, there is a high probability that upside momentum from the current level may emerge. Even the stock is mildly outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 20 for the targets of Rs 26 and Rs 28 in a couple of weeks.
Suzlon Energy | Hold | Target Price: Rs 45-48 | Stop Loss: Rs 36.90 we are observing that Suzlon Energy is trading sideways and giving no clear direction of trend on the daily chart. However, the stock is trading near the support zone of Rs 38 – 37. Hence, a bounce from the support level could be possible. Further, we are observing that the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 36.90 for the targets of Rs 45 and Rs 48 levels in a couple of weeks.
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