YES Bank, BSE, Cochin Shipyard: How to trade these 3 buzzing stocks

Indian benchmark indices settled with mild cuts on Friday on the back of profit booking on the back of positive economic data, rate cut hopes and trade deal expectations with the US. BSE Sensex dropped 200.15 points, or 0.24 per cent to settle at 82,330.59, while NSE's Nifty50 shed 42.30 points, or 0.17 per cent to end at 25,019.80 for the day.

 

Select buzzing multibagger stocks including BSE Ltd, YES Bank Ltd and Cochin Shipyard Ltd and are likely to remain under the spotlight of traders for the session today. Here is what by Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets Ltd has to about these stocks ahead of Friday trading session:

 

BSE | Buy | Target Price: Rs 7,600-7,900 | Stop Loss: Rs 7,000

We are observing a higher top higher bottom formation in BSE on the daily charts. The stock has good support at Rs 7,200 - 7,100 levels. The stock is outperforming the benchmark indices. Even the momentum indicator RSI is positively poised. 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 levels with a stop loss of Rs 7,000 for a target Rs 7,600–7,900 levels in a couple of weeks.

 

Cochin Shipyard | Buy | Target Price: Rs 2,300-2,500 | Stop Loss: Rs 1,800

We are observing a strong breakout in Cochin Shipyard with higher volumes on the weekly charts, which sign of strength. The stock is outperforming the benchmark indices. Even the momentum indicator RSI is positively poised. 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 levels with a stop loss of Rs 1,800 for a target Rs 2,300–2,500 levels in a couple of weeks.

 

YES Bank | Buy | Target Price: Rs 24-27 | Stop Loss: Rs 19

We are observing a higher top higher bottom formation on the daily chart of YES Bank. The stock has good support at Rs 20–19.50 levels. However, the stock is underperforming the benchmark indices but momentum indicator RSI is positively poised. This suggests that momentum on the upside is likely to continue. Hence, one can buy the stock at current levels with a stop loss of Rs 19 for the targets of Rs 24–27 levels in a couple of weeks.