YES Bank, ITC, Apollo Tyres: Here are trading strategies for these buzzing stocks

Domestic stock indices took a U-turn on Thursday, erasing entire gains to settle lower amid the weekly F&O expiry. The BSE Sensex dropped 180.96 points, or 0.28 per cent, to settle at 65,252.34. The NSE Nifty shed 57.30 points, or 0.29 per cent, to end the day at 19,386.70.

Select stocks such as YES Bank, ITC and Apollo Tyres are likely to be in focus today. Here is what Riches Vanara, Technical And Derivatives Analyst at StoxBox, has to say on these stocks ahead of Friday's trading session:

YES Bank | Buy | Target Price: Rs 17.40-18 | Stop Loss: Rs 16.20
YES Bank is trading in an ascending channel pattern on the daily chart. It has approached the lower end of the channel. The stock has seen consolidating in a small range for last 20 days. This area coincides with the polarity zone of the previous breakout, which is a bullish sign. The momentum indicator MACD is also hovering around its zero line, which compliments the price action.

ITC | Buy | Target Price: Rs 467-483 | Stop Loss: Rs 435
After a correction of almost 20 days -- and that too on a below average volume, shares of ITC are getting ready for the next up move and the same is also visible in the volume activity. The momentum indicators MACD and 14-period RSI have also reversed, taking support of respective oversold zone. They are complimenting the price action.

Apollo Tyres | Buy | Target Price: Rs 408-420 | Stop Loss: Rs 375
After witnessing a sharp sell off on August 11, Apollo Tyres has been consolidating for the past few days. The area coincides with the support zone of Rs 390-380. The candlestick patterns and volume activity on the daily charts suggest buyers are getting active and the supply is getting good demand at the mentioned zone. The 14-period RSI is also seen taking uptick from its oversold zone and making a higher high, which compliments the price action.


(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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