Indian benchmark indices continued to bleed for another session on Friday as the slower rate cuts anticipation dented the sentiments at Dalal Streets. The pain was severe in the broader markets. BSE Sensex crashed 1,176.46 points, or 1.49 per cent, to end the session at 78,041.59. NSE's Nifty50 tanked 364.20 points or 1.52 per cent, to settle at 23,587.50 for the day.
Some buzzing stocks including YES Bank Ltd, Tata Steel Ltd and Larsen & Toubro Ltd (L&T) 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:
YES Bank | Sell | Target Price: Rs 15-13 | Stop Loss: Rs 22
We are observing lower top lower bottom formations on the Weekly charts of YES Bank. Further, the momentum indicator RSI is negatively poised. Even the stock is underperforming the benchmark indices. Combining the above parameter, it is evident that momentum on the downside is likely to continue. Hence, one can sell the stock at current levels with a stop loss of Rs 22 for a target Rs 15-13 levels in a couple of weeks.
Larsen & Toubro | Sell | Target Price: Rs 3,430-3,350 | Stop Loss: Rs 3,730
We are observing that prices of L&T have breached the intermediate bottom of Rs 3,635 of higher high formation on the daily charts. Further, the momentum indicator MACD is negatively poised and even the stock is underperforming the benchmark indices. Combining all the above formation it is evident that momentum on the downside is likely to continue. Hence, one can sell the stock at current with a stop loss of Rs 3730 for a target Rs 3,430–3,350 levels in a couple of weeks.
Tata Steel | Sell | Target Price: Rs 124-116 | Stop Loss: Rs 148
Tata Steel is maintaining lower top lower bottom formation on the daily charts. At present, the stock is underperforming the benchmark indices. Even, the momentum indicator RSI is negatively poised which suggests weakness. Hence, one can sell the stock at current levels with a stop loss of Rs 148 for a target Rs 124-116 levels in a couple of weeks.