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YES Bank, Tata Motors, SBI: Trading views on these 3 buzzing stocks

YES Bank, Tata Motors, SBI: Trading views on these 3 buzzing stocks

An analyst from StoxBox said that The price action of YES Bank has exhibited a volatility contraction pattern subsequent to its emergence from a multi-year accumulation phase.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Aug 2, 2024 7:25 AM IST
YES Bank, Tata Motors, SBI: Trading views on these 3 buzzing stocksThe analysis of Tata Motor's pattern reveals a recent bullish breakout from the rounding bottom pattern, accompanied by sustained upward momentum, said the analyst.

Indian benchmark indices managed post mild gains during the trading session Thursday after scaling a new milestone in the previous trading session. The rate cut hopes by the US Fed triggered the buying at Dalal Street. BSE Sensex jumped 126.21 points, or 0.15 per cent, to end the day at 81,867.55. NSE's Nifty50 gained 59.75 points, or 0.24 per cent, to close at 25,010.90  for the day.  

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Some buzzing stocks namely Tata Motors Ltd, YES Bank Ltd and State Bank of India (SBI) are likely to remain under the spotlight of traders for the session today. Here is what Kushal Gandhi, Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

 

YES Bank | Buy | Target Price: Rs 32.50 | Stop Loss: Rs 24.50

The price action of YES Bank has exhibited a volatility contraction pattern subsequent to its emergence from a multi-year accumulation phase. This contraction, characterized by diminishing price depth and time correction, suggests an absorption of supply by smart hands to reinforce the prevailing trend, signalling a favourable trend. The Relative Strength Index (RSI) on both daily and higher time frames is notably above median levels without exhibiting any divergence against the price, indicating a robust price momentum. Therefore, we recommend initiating a long position in YES Bank with a target of Rs 32.50 while maintaining a protective stop at Rs 24.50.

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State Bank of India | Caution | Resistance: Rs 889

The price performance of SBI suggests a strong primary trend, indicating a favourable market outlook. Currently, the price is consolidating within a narrow range, with the 50-day moving average providing immediate support alongside the previous gap-up area. It's important to note that the PSU Bank is scheduled to report its quarterly earnings on August 3. From a technical perspective, the level of Rs 889 is expected to act as significant overhead resistance. Therefore, we recommend considering purchasing SBI once it surpasses this resistance level.

 

Tata Motors | Avoid

The analysis of Tata Motor's pattern on the daily timeframe reveals a recent bullish breakout from the rounding bottom pattern, accompanied by sustained upward momentum. The stock has demonstrated robust EPS and buyer demand, as well as an improving price strength relative to the broader market. The automotive company is anticipated to report its earnings today, and given that the price is trading over 9 per cent above the mean, it is considered to be in an extended position. Consequently, we advise against initiating new buying positions in Tata Motors.
 

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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Aug 2, 2024 7:25 AM IST
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