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

Domestic stock indices settled higher on Thursday after a volatile trading session. Weak global cues weighed on the market but select heavyweight shares pushed indices higher. The BSE Sensex jumped 350.81 points, or 0.47 per cent to settle at 74,227.63. The NSE Nifty gained 80 points, or 0.36 per cent, to end at 22,514.65.

Some buzzing stocks namely YES Bank Ltd, Adani Power Ltd and Tata Motors Ltd are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

YES Bank | Buy | Target Price: Rs 28-30 | Stop Loss: Rs 23
To scale highs, YES Bank action must post a robust close over its 50-day moving average (DMA) placed at Rs 25-mark. Only then, the stock could see a rally towards Rs 28 and Rs 30 levels, which are its immediate obstacles, as per the daily chart. On the downside, the stock has a support of Rs 23, which is its 100-DMA. The current bias hints a positive sentiment and the stock may see further rise upon conquering key hurdles.

Adani Power | Buy | Target Price: Rs 700 | Stop Loss: Rs 550
Adani Power hits a new historic peak, signalling further upside in the following years. The technical chart shows that until the price floats over Rs 600 mark, the stock is anticipated to scale higher highs. The stock price is projected to hit Rs 700 level. A medium-term support stays at Rs 550.

Tata Motors | Buy | Target Price: Rs 1,200 | Stop Loss: Rs 850
Since early January 2024, Tata Motors is rising upward holding the support of the 50-DMA, currently set at Rs 944. As long as this scenario persists, the stock price action is headed towards Rs 1,200 mark. A violation of 50-DMA could see the stock action taken over by bears, leading a fall towards Rs 850 levels.


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