YES Bank, SBI, Tata Motors: Trading strategies for these buzzing stocks

Domestic stock indices settled lower on Thursday as the interim Budget failed to cheer Dalal Street. There was no big-bang announcement by the Finance Minister Nirmala Sitharaman, which triggered some selling. The 30-share pack BSE Sesnex dropped 106.81 points, or 0.15 per cent, to settle at 71,645.30. The NSE Nifty shed 28.25 points, or 0.13 per cent, to end at 21,697.45. A few stocks of Dalal Street namely YES Bank Ltd, State Bank of India Ltd and Tata Motors Ltd are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday’s trading session:

 
YES Bank | Hold | Target Price: Rs 30-32 | Stop Loss: Rs 22.30
Shares of YES Bank witnessed selling pressure at the Rs 26 level. The underlying trend remains quite robust. The immediate support falls at the 50-SMA of Rs 22.30. A breakout of Rs 26 level could signal a new journey towards Rs 30 and Rs 32 levels. The strength indicator Relative Strength Index (RSI) has cooled down post as it slipped from the overbought territory. The price action remains strong and the stock may recoup losses in the near term.

State Bank of India | Caution | Resistance Level: Rs 660-700 | Support: Rs 600
State Bank of India has stake support near its 100-SMA placed at Rs 600-mark after the recent correction from Rs 660 level. The stability over 50-SMA has triggered a sportive bias on the counter. A breakout of Rs 660 could propel the stock towards the Rs 700-mark.

Tata Motors | Hold | Target Price: Rs 1,000 | Stop Loss: Rs 800
The price action in the Tata Motors stock remains resilient, as it conquered a new historic peak on Thursday. The trend appears lucrative over the medium-term support of Rs 800. Until this level is defended, the stock is envisaged to scale uncharted territory and head in the direction of Rs 1,000 mark.
 

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.

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