Following a tumultuous trading session, domestic stock indexes ended Thursday's trading session higher. Weak global signals caused market hesitancy, although several heavyweight stocks lifted indexes. The BSE Sensex closed at 74,227.63, up 350.81 points, or 0.47 percent. The NSE Nifty closed at 22,514.65, up 80 points, or 0.36 percent.
YES Bank Ltd., Adani Power Ltd., and Tata Motors Ltd. are a few of the hot stocks that are expected to be in the focus of traders during today's trading session. Before Friday's trading session, here's what StoxBox's Avdhut Bagkar, a derivatives and technical analyst, has to say about these stocks:
YES Bank | Purchase | Stop Loss: Rs. 23; Target Price: Rs. 28–30
In order to reach new heights, YES Bank's trading has to close well above its 50-day moving average (DMA), which is now around the Rs 25 level. According to the daily chart, the stock might only thereafter witness a rally towards the levels of Rs 28 and Rs 30, which represent its immediate difficulties. The stock's 100-DMA, or Rs 23, serves as a support level on the downside. The bias at the moment suggests optimism, and if the stock clears significant obstacles, it may soar much higher.
Adani Power | Purchase | Stop Loss: Rs. 550 | Target Price: Rs. 700
Adani Power reaches a new all-time high that suggests more growth in the years to come. The technical chart indicates that greater highs for the stock are expected till the price sails over the Rs 600 barrier. The stock price is anticipated to reach Rs 700. At Rs550, there is a medium-term support.
Tata Motors | Buy | Stop Loss: Rs. 850 | Target Price: Rs. 1,200
Tata Motors has been increasing since the beginning of January 2024 while maintaining the 50-DMA's support, which is now at Rs 944. The stock price movement is moving in the direction of the Rs 1,200 level as long as this situation continues. A breach of the 50-DMA might allow bears to seize control of the stock movement and send it down into the Rs 850 levels.
