While the shares of Adani Power breached the 50-simple moving average (SMA), the price action managed to hold the decline near its 100- SMA placed at Rs 505 level.
Domestic benchmark indices settled sharply higher on Thursday amid a slew positive global cues after the US Fed’s monetary policy. The buoyant sentiments at Dalal Street propelled all-round buying across all the sectors and pushed headline indices higher. The BSE Sensex jumped 539.50 points, or 0.75 per cent, to 72,641.19, while NSE’s Nifty50 surged 172.85 points, or 0.79 per cent, to 22,011.95 for the day.
Some buzzing stocks namely YES Bank Ltd, Adani Power Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox have to say on these stocks ahead of Friday’s trading session:
Adani Power | Range-bound | Resistance: Rs 550-600 | Stop Loss: Rs 500-450
While the shares of Adani Power breached the 50-simple moving average (SMA), the price action managed to hold the decline near its 100- SMA placed at Rs 505 level. The trend has turned sideways, and a major upside is estimated over its 50-SMA barrier placed at Rs 550 level. The breakout would see price heading in the direction of Rs 600 level, while a breakdown below Rs 500 would steer negative bias, turning downward to Rs 450 mark.
YES Bank | Range-bound | Resistance: Rs 26| Stop Loss: Rs 22.75
The price action in YES Bank is exhibiting accumulation near its 200-SMA, followed by 100-SMA, placed at Rs 19.90 and Rs 22.75, respectively. The breakout appears at Rs 26, which needs to be surpassed to embark on the fresh journey. Until that happens, the price may witness a sideways/ consolidation phase. A breakout over Rs 26 would see price reaching the 30-mark.
Suzlon Energy | Cautious | Resistance: Rs 43 | Stop Loss: Rs 30
Suzlon Energy failed to garner accumulation around Rs 40 level, its next crucial support, post breaching the 50-SMA support at Rs 43 mark. The current bias is indicating a fragile trend, with price indicating weakness towards Rs 30 level. The stock must surpass Rs 40 mark on aggressive note to negate the negative bias.
Disclaimer: rojgarlive 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.
Disclaimer: rojgarlive 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.
