YES Bank, Tech Mahindra, Tata Consumer: How should you trade these stocks amid weak markets

Bears tightened their grip on Dalal Street on Monday amid the feeble global market sentiments as the benchmark indices settled sharply lower. BSE Sensex plunged 897.28 points, or 1.52 per cent, to 58,237.85, while NSE's Nifty50 tanked 258.60 points, or 1.49 per cent, to 17,154.30.

Select stocks such as Tech Mahindra, Tata Consumer Products and YES Bank Ltd were on traders' radar amid the weak trading session at Dalal street. Here is what Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher suggests to investors as trading strategy in these stocks during the Tuesday's trading session:

| YES Bank | Cautious | Support: Rs 13.70 |
YES Bank has broken the crucial support zone of Rs 16 levels weakening the bias and has got the next major support zone near Rs 13.70 levels. The gap down opening was followed with some pullback but technically the view has been affected to some extent and can stay cautious. For the overall bias to improve, the stock would need to cross Rs 16 zone decisively and thereafter expect for further upward rise.

| Tech Mahindra | Buy | Target Price: Rs 1,280 | Stop Loss: Rs 1,065 |
Tech Mahindra witnessed a huge gap up opening and resistance near the previous peak zone of Rs 1,164 levels witnessing some profit booking. The RSI has a pullback and is well placed indicating strength. With the near-term support remaining at Rs 1,065 zone, the stock can move further up if a decisive breach above Rs 1,165 is registered anticipating for next target of Rs 1,280 levels.

| Tata Consumer Products | Hold | Resistance: Rs 715-718 |
Tata Consumer has witnessed a decent correction in the recent past eroding from Rs 820 zone and currently after some consideration has again slipped down overall making the bias weak. The RSI has been moving sideways and is hovering near the oversold zone. For the overall bias to improve, would need to breach decisively Rs 715-718 zone and expect for further rise.

(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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