With a move past the previous resistance zone of Rs. 22,40, YES Bank has seen a respectable gain. Its bias has also improved as volume participation has increased.
Vedanta has experienced a moderate decline to pass the significant 200-day mark, but it has slowly and steadily rebounded from the low made near the Rs 211 zone.
OVERVIEW
- On Monday, benchmark stock indices saw a minor decline at the close.
- Prabhudas Lilladher’s analyst has a “Buy” recommendation on JSW Energy.
- Prabhudas Lilladher advised holding shares of Vedanta and YES Bank.
Monday’s trading session was turbulent, and domestic stock indices ended with slight declines. Negative worldwide cues damaged investor mood. In order to arrive at 71,315.09, the BSE Sensex lost 168.66 points, or 0.24 percent. To close the day at 21,418.65, the NSE Nifty lost 38 points, or 0.18 percent.
There are a few Dalal Street stocks that are probably going to stay in the spotlight today: YES Bank Ltd., Vedanta Ltd., and JSW Energy Ltd. Here are some thoughts on these stocks from Prabhudas Lilladher’s Technical Research Analyst, Shiju Koothupalakkal, prior to Tuesday’s trading session:
Target price: Rs 24.75; stop loss: Rs 22; YES Bank | Hold
After breaking above the previous resistance level of Rs. 22.40, YES Bank saw a respectable gain.
With YES Bank breaking through the previous resistance zone of Rs. 22.40 and improving the bias along with increased volume participation, the bank has seen a respectable gain. Anticipate that the stock will rise even further, perhaps testing the resistance at the previous peak of Rs 24.75. The Rs. 22 zone would provide short-term support. As bias continues to improve, more upward movement is anticipated in the upcoming days.
Vedanta | Hold | Stop Loss: Rs 246 | Target Price: Rs 275–280
After making a low in the vicinity of Rs 211, Vedanta has gradually bounced back, albeit with a fair amount of downside to get past the crucial 200-period MA of Rs 258. With resistance potentially present in the stock, a further increase is expected, with the near-term target estimated in the Rs 275–280 range. The stock would find support in the near term at Rs 254. The RSI is also showing strength, so with the overall trend improving, one can expect a further rise in the upcoming days. The bias would only be lessened by a clear breach below the Rs 246 threshold.
Also read: Vedanta shares under scrutiny following declaration of a dividend of Rs 4,089 crore: record date, history, and more
JSW Energy | Purchase | Stop Loss: Rs 400 | Target Price: Rs 470–480
A respectable retreat from the critical 50-EMA level of the Rs 380 zone has been indicated by JSW Energy. The previous peak zone of Rs 449 has been breached by the stock, solidifying the bias. Recently, profit booking was observed in the stock, which resisted near the Rs 477 levels. Near the important 50-EMA, at a price of Rs 410, is where the short-term support is evident. Only a definitive breach below the Rs 400 level would confirm a weakening of the overall trend. The next anticipated target is probably in the Rs 470–480 range. A strong close above Rs 460 will confirm conviction on an additional upward move in the upcoming days.
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