YES Bank, Reliance, Hindustan Zinc: How to trade these stocks ahead of Q4 results?

Domestic stocks snapped a three-day losing streak on Thursday. The BSE Sensex added 64.55 points, or 0.11 per cent, to 59,632.35. The NSE Nifty gained 5.70 points, or 0.03 per cent, to 17,624.45.

Select stocks such as Reliance Industries, Hindustan Zinc and YES Bank were under the spotlight ahead of their Q4 results. Here is what Rohan Shah, Head of Technical Research at Stoxbox has to say on these stocks ahead of Friday's trading session:

Reliance Industries | Buy | Target Price: Rs 2,532 | Stop Loss: Rs 2,320

Reliance traded in a lateral range of 670 points or 23.5 per cent over 79 weeks and is showing no directional bias at present. The stock, however, has witnessed a mild technical pullback from the lower end of a trading range after forming a potential Morning Star candle pattern. The closing of March 31 indicated that buyers are attempting to pilfer the sellers’ strength gradually. The price action on the daily timeframe is potentially forming a minor Cup and Handle schematic on the back of the short-term EMAs. The last three daily candles indicate tightness in volatility and sustenance above Rs 2,300 levels will help the stock garner bullish strength. One can anticipate a potential 8 per cent upside for RIL to the level of Rs 2,532. On the flip side, the 2,320-2,280 is a support range to watch out for.

Hindustan Zinc | Hold | Resistance: Rs 350-365 | Support: Rs 318-310

Hindustan Zinc has given an absolute return of around 45 per cent from October 2022 to January 2023. After that, it has seen some pullback with lower volumes, which is a good sign. The stock has taken support at previous breakout zones, which can be called resistance acting as support now. Also, the stock has respected 50-WEMA every time it went for a bull run. Same thing happen last week and the stock is above last week's high as well as 50-WEMA. This clearly indicates the stock is trying get into a bull run. The 50-WEMA will act as a strong support and demand zone going forward. One can see levels of Rs 350 to Rs 365 going ahead. Supports for the stock will be seen at Rs 318 and Rs 310 levels.

YES Bank | Hold | Resistance: Rs 18.50-19.75 | Support: Rs 15.25-15

YES Bank has been under pressure after hitting the 52-week high of Rs 24.75 on December 14, 2022. The stock has declined almost 40 per cent from the 52 week high and formed a low of Rs 14.40 on March 13. On the daily chart, the stock staged a breakout from a potential descending contracting triangle with a surge in volumes, signifying some bullish bias in the price action. From the last three sessions, the stock has managed to close above 200 DEMA with the MACD entering into bullish terrain. Thus, going forward, if the stock sustains above 200 DEMA and pattern manifests well, price shall move higher towards Rs 18.50 and Rs 19.75 levels, being the previous swing high and a gap area. On the other hand, Rs 15.25-15.00 would act as an intermediate support zone.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)