Stock market today: Nifty levels to watch; trading views on YES Bank, RBL Bank, Bandhan Bank
An analyst from StoxBox said that Yes Bank struggles to hold key support levels and lacks clear directional momentum. The RSI stands at 30.85, nearing oversold territory but not yet signaling a reversal.
- Mar 13, 2025,
- Updated Mar 13, 2025 7:10 AM IST
Indian benchmark indices scripted a sharp recovery from day's low on Wednesday but settled in red for the day. Trade tariff concerns and muted global cues continued to weigh on the sentiment as Dalal Street. BSE Sensex shed 72.56 points, or 0.10 per cent, to end the session at 74,029.76. On other hand, NSE's Nifty50 declined 27.40 points, or 0.12 per cent, to settle at 22,470.50 for the day.
The Nifty witnessed a gap up opening and witnessed selling pressure during the first half. A smart recovery from the support zone helped the index to recover and close off the intraday lows, said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan. "We can observe that the Nifty has again tested the support zone of 22300 and defended it successfully. Daily and hourly momentum indicators have a positive crossover which is a buy signal," he added.
Some buzzing banking stocks including YES Bank Ltd, Bandhan Bank Ltd and RBL Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what Ameya Ranadive Chartered Market Technician, CFTe, Senior Technical Analyst at StoxBox has to about these stocks ahead of Thursday's trading session:
RBL Bank is in a no-trade zone, as price action remains range-bound with no strong directional bias. The stock is fluctuating between support at Rs 147.50 and resistance near 161.94, making it unsuitable for fresh entries until a decisive breakout occurs. The RSI at 45.29 indicates neutral momentum, neither overbought nor oversold. The ADX at 23.78 reflects weak trend strength, suggesting a lack of clear direction. The presence of Buy and Sell signals at different levels further confirms indecisiveness in the market. The moving averages remain flat, failing to provide a clear trend confirmation. The stock has witnessed increased volume on buying days, hinting at accumulation, but follow-through is lacking.
Indian benchmark indices scripted a sharp recovery from day's low on Wednesday but settled in red for the day. Trade tariff concerns and muted global cues continued to weigh on the sentiment as Dalal Street. BSE Sensex shed 72.56 points, or 0.10 per cent, to end the session at 74,029.76. On other hand, NSE's Nifty50 declined 27.40 points, or 0.12 per cent, to settle at 22,470.50 for the day.
The Nifty witnessed a gap up opening and witnessed selling pressure during the first half. A smart recovery from the support zone helped the index to recover and close off the intraday lows, said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan. "We can observe that the Nifty has again tested the support zone of 22300 and defended it successfully. Daily and hourly momentum indicators have a positive crossover which is a buy signal," he added.
Some buzzing banking stocks including YES Bank Ltd, Bandhan Bank Ltd and RBL Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what Ameya Ranadive Chartered Market Technician, CFTe, Senior Technical Analyst at StoxBox has to about these stocks ahead of Thursday's trading session:
RBL Bank is in a no-trade zone, as price action remains range-bound with no strong directional bias. The stock is fluctuating between support at Rs 147.50 and resistance near 161.94, making it unsuitable for fresh entries until a decisive breakout occurs. The RSI at 45.29 indicates neutral momentum, neither overbought nor oversold. The ADX at 23.78 reflects weak trend strength, suggesting a lack of clear direction. The presence of Buy and Sell signals at different levels further confirms indecisiveness in the market. The moving averages remain flat, failing to provide a clear trend confirmation. The stock has witnessed increased volume on buying days, hinting at accumulation, but follow-through is lacking.