JSW Steel, Vedanta, Punjab National Bank: Trading strategies for these buzzing stocks

Domestic stock indices rebounded to post big gains on Wednesday led by favourable global cues and buying at lower levels. For the day, the BSE Sensex climbed 689.76 points, or 0.98 per cent, to settle at 71,060.31. The NSE Nifty jumped 215.15 points, or 1.01 per cent, to end the day at 21,453.95. A few stocks namely JSW Steel Ltd, Vedanta Ltd and Punjab National Bank Ltd are likely to be in focus today. Here is what Laxmikant Shukla, Technical Research Analyst, YES Securities has to say on these stocks ahead of Thursday's trading session:JSW Steel | Buy | Resistance: Rs 895 | Support: Rs 799 The emergence of a Dragonfly Doji on the weekly chart suggests a potential trend reversal for JSW Steel. To confirm this bullish sentiment, it is crucial for the stock to surpass the resistance level of Rs 825. Once this resistance is overcome, there is a likelihood that the stock could reach levels of Rs 875 and Rs 895 in the upcoming weeks. Given the bullish outlook, the proposed strategy involves initiating a purchase position, accompanied by a stop-loss at Rs 799.  Punjab National Bank | Buy | Resistance: Rs 120 | Support: Rs 94 PNB has experienced profit booking at elevated levels. It is finding support around the Rs 97 level, as indicated by its 20-SMA. The stock can see a potential pullback to towards Rs 118-120 levels. However, it's crucial to monitor the situation closely, as a decisive breach below Rs 97 may lead to additional downward movement, with the next significant support identified at Rs 94.  For traders considering a position, a prudent strategy could involve setting a stop-loss at Rs 94 to manage potential losses. The trade objective is: An anticipated rise to the target range of Rs 118-120 levels.  Vedanta | Cautious | Resistance: Rs 280 | Support: Rs 249 Vedanta has maintained a sideways trend in recent days, lacking a clear directional move. Notably, on the daily chart, it has encountered strong resistance around the Rs 275-280 levels near its December 2023 peak. The daily RSI is also in a state of ambiguity sustaining near the 50 mark. Conversely, a support base has been established around the Rs 249 levels. Therefore, a decisive breakthrough in either direction is crucial to signal a unidirectional move.  

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