YES Bank, Adani Enterprises, Jupiter Wagons: Trading strategies for these buzzing stocks

Domestic equity indices settled lower on Friday for the third straight session. Global concerns including a rise in bond yields, expectations of higher interest rates and geopolitical tension in the Middle East weighed on the market sentiment. The BSE Sensex dropped 231.62 points, or 0.35 per cent, to settle at 65,397.62. The NSE's Nifty fell another 82.05 points, or 0.42 per cent, to close at 19,542.65.

A few buzzing stocks namely Adani Enterprises, YES Bank and Jupiter Wagons are likely to remain under the spotlight today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these stocks ahead of Monday's trading session:

Adani Enterprises | Sell | Target Price: Rs 2,195-2,090 | Stop Loss: Rs 2,395
On the daily chart, Adani Enterprises Ltd is observing sideways movement that gives no clear direction. However, the stock is  trading below its 200-days SMA (Rs 2,490), which is a sign of weakness.  The momentum indicator viz. MACD is negatively poised. Further, the stock is underperforming the benchmark indices. Hence, one can sell the stock at current levels with a stop loss of Rs 2,495 for a target of Rs 2,195-2,090 levels in he next couple of weeks.

YES Bank | Hold | Target Price: Rs 21-23 | Stop Loss: Rs 15
On the daily chart, YES Bank Ltd is observing a sideways move and are giving no clear direction of trend. At present, the stock is trading above the 200-days SMA (Rs 16.94). The current price action has formed an Inverted bullish Hammer and the momentum indicator viz. MACD has given a positive crossover. This suggests that momentum on the upside is likely to continue. Hence, one can hold the stock at current price with a stop loss of Rs 15 for target of Rs 21-23 levels in the next couple of weeks.

Jupiter Wagons | Hold | Target Price: Rs 343-359 | Stop Loss: Rs 295
On the daily chart, Jupiter Wagons Ltd is observing a sideways move and that is giving no clear direction of trend. At present, the stock has good support at Rs 305-300 level. The momentum indicator RSI is trading sideways. However, the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 295 for target of Rs 343-359 levels in the next couple of months.
 

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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