YES Bank, Reliance Industries, Britannia: Trading strategies for these large cap stocks

Domestic stock indices on Monday ended the first session of 2024 on a flat note amid the absence of decisive global cues. The indices gave up majority of intraday gains to settle on a flattish note. The BSE Sensex added 31.68 points, or 0.04 per cent, to end at 72,271.94. The NSE Nifty edged up 10.50 points, or 0.05 per cent, to 21,741.90.

A few stocks of Dalal Street namely Britannia Industries Ltd, Reliance Industries Ltd, YES Bank Ltd are likely to be in focus today. Here is what Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

Britannia Industries | Buy | Target Price: Rs 5,700-6,070 | Stop Loss: Rs 5,180
Britannia witnessed a decent rally from the low made near Rs 4,400 zone, moving past the significant 50-EMA, 100-period MA and 200-period MA zones, improving the improve the bias. The stock recently made higher bottom formation on the daily chart, which has further strengthened the trend. The stock indicated a breakout above Rs 5,270 level and entered a fresh territory. The stock can further rise towards Rs 5,700 and Rs 6,070 levels in the medium term time frame. The near-term support would be around Rs 5,180 level.

Reliance Industries | Hold | Target Price: Rs 2,730-2,850 | Stop Loss: Rs 2,470
Reliance Industries has gained quite significantly in the last two months after the descending channel breakout. At present, it has almost reached the previous peak zone of Rs 2,630 level, where it can find some resistance. The near-term support would be maintained near Rs 2,470 zone and only a decisive breach below this zone shall weaken the overall bias. At the same time, a decisive breach above the previous peak zone of Rs 2,630 should trigger a breakout for fresh targets of Rs 2,730 and Rs 2,850 levels, respectively, in the medium-term time frame.

YES Bank | Hold | Target Price: Rs 24.75-28.50 | Stop Loss: Rs 20
YES Bank has gained in the last two months from Rs 15.80 zone and saw two recent instances where it formed higher lows on the daily. A further rise is anticipated once the stock breach above the Rs 23 level decisively. The next targets visible on the counter are at Rs 24.75 and Rs 28.50 levels, respectively. A decisive breach below Rs 20 should weaken the bias.

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.

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