SBI, Ultratech Cement, DLF: How should you trade these stocks?

Domestic stock indices snapped a four-day winning streak on Wednesday, thanks to selling pressure in index heavyweights. The BSE Sensex dropped 346.89 points, or 0.55 per cent, to settle at 62,622.24. The NSE Nifty fell 99.45 points, or 0.53 per cent, to settle at 18,534.40.

Select stocks including State Bank of India, DLF and Ultratech Cement are likely to be in limelight in Thursday’s session. Here is what Amit Trivedi, Senior Derivatives Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:

State Bank of India | Hold | Resistance: Rs 560-565

The PSU Bank index has been consistent outperformer. But, after a multi week up move, select PSU banking stocks have witnessed profit taking. For State Bank of India, the overall structure remains positive. But the choppy trading in SBI this week and the inability to hold current levels could attract mild throwback till Rs 560-565 zone.
 
DLF | Hold | Resistance: Rs 505 | Support: Rs 455
Retaining a series of ascending tops and bottoms, DLF has been gradually trending higher. After a multi-week up move, the stock is likely to face minor consolidation with the immediate support placed near Rs 455 level. Eventually, the stock is likely to resume its upward trajectory and a level of Rs 505 looks achievable.
 
Ultratech Cement | Buy | Target Price: Rs 8,200 | Stop Loss: Rs 7,500
After taking a pause in the previous month, Ultratech Cement has resumed its gradual up-move. Amid a series of ascending tops and bottoms, important support is placed near Rs 7,500. A sustenance above Rs 7,750 would mean that the stock has more room on upside. In that case, a further up move till Rs 8,200 would be possible.
 

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Business Today.)

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