Indian benchmark indices settled with strong gains during the trading session on Friday on the back of positive global cues amid the uncertainties. However, rate cut cues, Q1 earnings and rich valuations continue to remain a concern for the markets. BSE Sensex surged 819.69 points, or 1.04 per cent, to end the day at 79,705.91. NSE’s Nifty50 surged 250.50 points, or 1.04 per cent, to close at 24,367.50 for the day.
Some buzzing stocks namely Metro Brands Ltd, Tata Steel Ltd and YES Bank Ltd are likely to remain under the spotlight of traders for the session today. Here is what various analysts from different brokerage houses have to say on these stocks ahead of Monday’s trading session:
YES Bank | Buy | Target Price: Rs 28-30 | Stop Loss: Rs 22
We are observing that prices of YES Bank have tested the 200-days SMA (Rs 23.25) by making a low of Rs 23.16 on the Daily charts but have managed to close well above it. At present immediate resistance is at Rs 24.50. Any close above it would propel the momentum in the stock. Further, the stock is under performing the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 22 for a target Rs 28-30 levels in a couple of weeks.
Recommended By: Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets
Metro Brands | Buy | Target Price: Rs Rs 1,570 | Stop Loss: Rs 1,299
Shares of Metro Brands are in a strong up trend, and it remained unaffected during the recent crack due to its consumption-based demand. The stock was hovering below its all-time high of 1435 since many sessions. In today’s session we are witnessing a fresh breakout which resembles an ascending triangle pattern. This indicates that the stock might take out its all-time high very soon. Thus, we advise traders to go long in the stock near Rs 1,395 with a stop loss of Rs 1,299 for the upside target of Rs 1,570 in the coming months.
Recommended By: Mehul Kothari, AVP- Technical Research at Anand Rathi Shares & Stock Brokers
Tata Steel | Buy | Target Price: Rs 157-160 | Stop Loss: Rs 148
We are observing that the price of Tata Steel is hovering above the 200 days SMA (Rs 149) for five-trading sessions on the daily charts. Hence, Rs 149 remains a make-or-break level. At present, the stock is under performing the benchmark indices. Hence, one can buy the stock at current levels with a stop loss of Rs 148 for the targets of Rs 157-160 levels in the next couple of weeks.
Recommended By: Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets
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.
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.
