Stock market today: Nifty levels to watch; trading views on Suzlon, YES Bank & BHEL

Indian benchmark indices settled higher for the last trading session of the week on the back of rate-cut expectations and fall in the dollar index. Change in FIIs stance is also supporting the sentiments at Dalal Street. BSE Sensex surged 557.45 points, or 0.73 per cent, to end the session at 76,905.51. NSE's Nifty50 rallied 159.75 points, or 0.69 per cent, to settle at 23,350.40 for the day.

The Nifty continues to move upward following a falling trendline breakout, supported by upbeat sentiment, said Rupak De, Senior Technical Analyst at LKP Securities. "A decisive move above 23,400 could drive the index higher by another 200 points, as the next resistance is at 23,600. A clear breakout above 23,600 might trigger another leg of the rally. On the other hand, failure to move above 23,400 could lead to near-term consolidation," he said.

Some buzzing stocks including Bharat Heavy Electricals Ltd (BHEL), Suzlon Energy Ltd and YES Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to about these stocks ahead of Monday's trading session:

YES Bank | Buy | Target Price: Rs 21-23 | Stop Loss: Rs 15

We are observing a double bottom formation at Rs 16 level on the daily charts. The stock is also making a higher high formation. Even the momentum indicator viz. RSI is positively poised. Combining the above parameter, it is evident that momentum on the upside is likely to continue. Hence, one can 'buy' the stock at current levels with a stop loss of Rs 15 for a target Rs 21–23 levels in a couple of weeks.

Bharat Heavy Electricals | Buy | Target Price: Rs 241-257 | Stop Loss: Rs 196

We are observing a higher top higher bottom formation on the daily charts. At present the momentum indicator RSI is positively poised. Further, the prices have started trading above the 50-days SMA (Rs 199). Combining all the above parameters it is evident that momentum on the upside is likely to continue. Hence, one can buy the stock at current price with a stop loss of Rs 196 for a target Rs 241 –257 levels in a couple of weeks.

Suzlon Energy | Buy | Target Price: Rs 60-64 | Stop Loss: Rs 54

We are observing a higher top higher bottom formation on the Daily charts. Even, the momentum indicator RSI is positively poised. Further, the prices have started trading above the 50-days SMA (Rs 54). Combining all the above parameters it is evident that momentum on the upside is likely to continue. Hence, one can buy the stock at current price with a stop loss of Rs 54 for a target Rs 60–64 levels in a couple of weeks.