Tata Steel made a higher-high formation on the daily chart, which is a sign of strength. One can buy the stock at current levels with a stop loss of Rs 155, said an analyst. 
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Tata Steel made a higher-high formation on the daily chart, which is a sign of strength. One can buy the stock at current levels with a stop loss of Rs 155, said an analyst. Domestic stock indices saw some profit booking on Friday after a recent rally. Weak US economic data and mixed set of quarterly results in India hurt sentiment. The BSE Sensex declined 609.28 points, or 0.82 per cent, to settle at 73,730.16. The NSE Nifty50 index sipped 150.40 points, or 0.67 per cent, to 22,419.95.
A few stocks namely Adani Enterprises Ltd, YES Bank and Tata Steel Ltd are likely to remain on traders’ radar today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:
Adani Enterprises | Sell | Target Price: Rs 2,890-2,750 | Stop Loss: Rs 3,200
Adani Enterprises breached 50-day SMA (Rs 3,178) on April 18 and a pullback rally was seen on the daily chart. The momentum indicator MACD traded in the negative territory, which is a sign of weakness. Combining both the parameters, it is evident that momentum on the downside may continue. One can sell the stock at current levels with a stop loss of Rs 3,200 for target of Rs 2,890 -Rs 2750 for the next few sessions.
YES Bank | Buy | Target Price: Rs 32-35 | Stop Loss: Rs 23
YES Bank saw a rounding base pattern on the daily chart, which is a sign of accumulation. The stock has reclaimed its 50-days SMA (Rs 24.80) and the momentum indicator viz. RSI is positively poised. The stock is outperforming its benchmark index. Combining the above formations, it is evident that momentum on the upside is likely to continue. One can buy the stock at current price with a stop loss of Rs 23 for the targets Rs 32 and Rs 35 levels, respectively, in the coming days.
Tata Steel | Buy | Target Price: Rs 185-195 | Stop Loss: Rs 155
Tata Steel made a higher high formation on the daily chart, which is a sign of strength. The momentum indicator viz. MACD is positively poised and the stock is outperforming its benchmark index. One can buy the stock at current levels with a stop loss of Rs 155 for the targets of Rs 185 and Rs 195, respectively, in the next couple of weeks.
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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