YES Bank, Vedanta, JSW Energy: Trading Strategies for these buzzing stocks

Domestic stock indices settled with mild cuts on Monday after a choppy trading session. Dull global cues dented investor sentiment. The BSE Sensex dropped 168.66 points, or 0.24 per cent, to settle at 71,315.09. The NSE Nifty shed 38 points, or 0.18 per cent, to end the day at 21,418.65.

A few stocks of Dalal Street namely YES Bank Ltd, Vedanta Ltd and JSW Energy Ltd are likely to remain under the spotlight today. Here is what Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

YES Bank | Hold | Target Price: Rs 24.75 | Stop Loss: Rs 22
YES Bank has witnessed a decent gain, as it moved past the previous resistance zone of Rs 22.40 and improved the bias along with rising volume participation. One can expect the stock further rise to retest the previous peak zone of Rs 24.75 level, where it can find some resistance. The near-term support would be near Rs 22 zone. With bias improving, one can anticipate further upward movement in the coming days.

Vedanta | Hold | Target Price: Rs 275-280 | Stop Loss: Rs 246
Vedanta has slowly and steadily recovered from the low made near Rs 211 zone, witnessing a decent pullback to move past the important 200-period MA of Rs 258 level. A further rise can be anticipated with the near-term target expected in the Rs 275-280 range, where the stock can witness resistance. The near-term support for the stock would be Rs 254. With the overall trend improving, one can anticipate a further rise in coming days, with the RSI also indicating strength. Only a decisive breach below Rs 246 level would weaken the bias.

Also read: Vedanta shares in focus after Rs 4,089 crore dividend announcement; record date, history & more

JSW Energy | Buy | Target Price: Rs 470-480 | Stop Loss: Rs 400
JSW Energy has indicated a decent pullback from the important 50-EMA level of Rs 380 zone. The stock has breached above the previous peak zone of Rs 449 level, strengthening the bias. The stock resisted near the Rs 477 levels and saw profit booking recently. The near-term support is visible at Rs 410 level, near the significant 50-EMA. The overall trend shall turn weak only if a decisive breach below Rs 400 level is confirmed. A decisive close above Rs 460 shall establish conviction on further upward move in the coming days, with the next expected target likely in the Rs 470-480 range.

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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