HDFC Bank, Ultratech, Wipro: How should you trade these stocks amid volatility

Dalal Street extended its gains for the second straight session on Wednesday on the back of supportive global cues. The 30-share pack BSE Sensex added more than 139.91 points, or 0.24 per cent, to 58,214.59, while NSE's Nifty50 gained 44.40 points, or 0.26 per cent, to settle at 17,151.90. Select stocks such as HDFC Bank, Ultratech Cement and Wipro were on traders' radar amid the volatility at Dalal street. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:HDFC Bank | Buy | Target Price: Rs 1,680 | Stop Loss: Rs 1,530 After a medium-term correction, eventually HDFC Bank took support near Rs 1,530. Post correction, the stock is consistently taking support between Rs 1,530-1,510 price range. On the daily chart, the stock has taken support from its rising trendline and reversed the trend while forming a series of green candlesticks on the daily chart which indicates strong possibility of a pullback move from the current levels. Looking at the overall pattern it offers buying opportunities for the positional target of Rs 1,680 with stop loss of Rs 1,530 on closing basis. Ultratech Cement | Buy | Target Price: Rs 8,070 | Stop Loss: Rs 6,990 Ultratech Cement has generated a consolidation breakout on the daily chart with decent volumes highlights upward momentum in price. The multi-week base formation formed at the polarity support suggesting bullish price action. Furthermore, the stock has formed a bullish belt hold candlestick pattern at the central band of Bollinger which denotes expansion in the volatility on the higher side. As the stock is in a bullish trend, the current levels can be considered as a buying opportunity with a stop loss below Rs 6,990 on a closing basis for the upside target of Rs 8,070.Wipro | Range-bound | Resistance: Rs 390 | Support: Rs 345 Wipro's stock prices have been falling continuously with lower highs and lower lows post negative crossover of 100 and 20 days simple moving averages. At the same time, the MACD histogram hovers in negative territory whereas RSI and stochastic lies in the oversold zone. Overall mixed signals are coming from the daily charts. Until stock gives a decisive close above Rs 385-390 zone, there is a possibility of range bound move in the scrip. Till then, the levels of Rs 345 could act as support. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today)