Buy BSE, Ultratech Cement shares; stay cautious on JSW Energy stock, suggests YES Securities

Indian stock markets managed to rebound from previous day's jitters and settled with decent gains on Wednesday, bucking the mixed global cues ahead of reciprocal tariffs from the US. BSE Sensex jumped 592.93 points, or 0.78 per cent to settle at 76,617.44 for the day, while NSE Nifty50 index gained 166.65 points, or 0.72 per cent to end the session at 23,332.35.

 

Some buzzing stocks including BSE, UltraTech Cement and JSW Energy are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Analyst at YES Securities has to about these stocks ahead of Thursday's trading session:

 

BSE | Buy | Target Price: Rs 6350 | Stop Loss: Rs 5,300

BSE share price has witnessed a strong surge in both price and volume over the past few days, decisively crossing above the 20-week SMA and holding that level for the last couple of sessions. This signals a bullish trend. Additionally, the positive crossover of the 50-day and 100-day SMA further strengthens the technical setup, reinforcing the optimistic outlook. Considering this, we recommend Buying BSE around Rs 5,630-5,650, with a stop loss at Rs 5,300 and a potential target of Rs 6,350.

JSW Energy | Caution | Resistance: Rs 555 | Support: Rs 505

In the past 5-6 days, JSW Energy has faced downward pressure, leading to a gradual decline in its stock price towards the key support zone around Rs 500-505, near its 50 SMA. This level is also significant due to the presence of a line of parity which may provide additional support. If these support levels hold, we could see a rebound towards the Rs 555-560 range. Conversely, if the support fails, the selling pressure is likely to continue, potentially driving the stock down to Rs 480 and Rs 466 levels.

 

UltraTech Cement | Buy | Target Price: Rs 12,200 | Stop Loss: Rs 10,700

UltraTech Cement has been on a three-day decline but signs of a potential recovery are emerging as the stock stabilizes near its 100-day SMA, indicating a possible pullback. A decisive breakout above last week's high of Rs 11,700 could trigger further upward momentum, paving the way for a potential rise towards Rs 12,200. It is crucial for UltraTech to sustain levels above Rs 10,700 to maintain this positive sentiment.