YES Bank, Adani Ports, Tata Steel: Trading strategies for these buzzing stocks

Domestic equity market settled lower on Friday, thanks to the selling triggered by the weak global cues. Cautious sentiments at Dalal Street gave the bears an upper hand following the muted economic readings. BSE Sensex tanked 453.85 points, or 0.62 per cent, to end the day at 72,643.43. NSE's Nifty ended at 22,023.35, dropped 123.30 points, or 0.56 per cent for the day.

Some buzzing largecap stocks namely YES Bank Ltd, Adani Ports & Special Economic Zone Ltd (Adani Ports) and Tata Steel Ltd are likely to remain under the spotlight of traders for the session 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:

YES Bank | Buy | Target Price: Rs 29-32 | Stop Loss: Rs 20
YES Bank made a high of Rs 32 on February 9, 2024, and then the stock saw correction to the level of Rs 20.55 and formed a bullish engulfing pattern on the daily chart. Now the momentum indicator viz RSI is positively poised. Even the stock is outperforming the benchmark indices. Combining the above parameters, it is evident that momentum on the upside may continue. Hence, one can buy the stock at current levels with a stop loss of Rs 20 for a target Rs 29-32 levels in a couple of months.

Tata Steel | Hold | Target Price: Rs 149-154 | Stop Loss: Rs 137
We are observing that Tata Steel has good support at Rs 138 level and has formed an inside day candle on the daily charts. Further, the momentum indicator viz. RSI is positively poised and even the stock is outperforming the benchmark indices. Hence, one can hold the stock at current levels with a stop loss of Rs 137 for targets of Rs 149-154 levels in the next couple of weeks.

Adani Ports | Hold | Target Price: Rs 1,350-1,380 | Stop Loss: Rs 1,250
We are observing that prices of Adani Ports have reclaimed the 50-day SMA (Rs 1,252) with high volumes on the daily charts. Further, the stock has good support at Rs 1,270-1,260 levels. Even the momentum indicator viz. MACD is positively poised, and the stock is outperforming the benchmark indices.Hence, one can hold the stock at current prices with a stop loss of Rs 1,250 for target of Rs 1,350-1,380 levels in the next couple of months.


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