Adani Power, YES Bank, Tata Steel: Trading strategies for these buzzing stocks

Domestic equity indices staged a smart rebound on Thursday, as investors absorbed minutes of the recent US Fed policy review. The BSE Sensex settled at Rs 73,158.25, climbing 535.15 points, or 0.74 per cent. The NSE Nifty, topped the 22,250-mark, before closing the day 162.40 points, or 0.75 per cent, higher at 22,217.45.

A few stocks such as Adani Power Ltd, YES Bank Ltd and Tata Steel Ltd are expected to be in the spotlight today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

Tata Steel | Buy | Target Price: Rs 175-185 | Stop Loss: Rs 140-135
The prevailing bias in the shares of Tata Steel suggest a bullish stance as long as the 50-SMA support of Rs 135 is defended. The breakout over the recent peak of Rs 147.40 could lead to visit of Rs 175-185 levels. Until that happens, one can accumulate the stock in the range of Rs 140 -135 zone.

YES Bank | Buy | Target Price: Rs 30-32.85 | Stop Loss: Rs 24.55
YES Bank is forming the higher high- low formation on the daily chart and is taking the 50-SMA support at Rs 24.55 level. The momentum indicator Relative Strength Index (RSI) has moved sideways, implying a muted momentum. A price trend over Rs 30 could propel the bulls to the next upside, potentially exceeding the recent high of Rs 32.85. The undertone stays sturdy and price action hints at an optimistic outlook from a medium-term perspective.

Adani Power | Buy | Target Price: Rs 570 | Stop Loss: Rs 540
Adani Power shares are trading sideways post hitting a new all-time high of Rs 589.45 in December 2023. The stock is holding the support of the 50-simple moving average (SMA) placed at Rs 541. As long as this moving average continues to bolster the upward sentiment, the price action may soon breakout on the upside. A robust move over Rs 490 could start a new leg of upside that could strike the Rs 550 -570 zone.


Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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