Domestic benchmark indices extended recent weakness on Friday. The BSE Sensex dropped 236.77 points, or 0.39 per cent, to settle at 60,621.77. Nifty slipped 80.20 points, or 0.44 per cent, to close at 18,027.65 for the week.
Select stocks such as YES Bank, JSW Steel and Ultratech Cement were on traders’ radar amid the volatile trading session. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say on these three stocks for Monday's trading session:
YES Bank | Hold | Target Price: Rs 22-24.75 | Stop loss: Rs 18
YES Bank stock saw a strong accumulation in the Rs 16-18 range. From there, it made a high of Rs 24.75 level. The stock is now retracing its previous gains. At present, the momentum indicator viz the RSI is showing no signs of strength. However, the stock is clearly showing good relative strength against the benchmark indices. On combining all the parameters, one can think of holding the stock at current level with a stop loss of Rs 18 and a target of Rs 22-24.75 levels.
JSW Steel | Sell | Target Price: Rs 710-680 | Stop loss: Rs 774
JSW Steel stock witnessed a strong overhead supply at Rs 774 level. Further, the stock is at the crucial support level of Rs 741, which is also its 50-day SMA. The stock has formed a strong bearish candle, with higher volumes. Further, the momentum indicator viz RSI is making a lower-low formation. which signals weakness ahead. One can sell the stock with a stop loss of Rs 774 for a target of Rs 710-680 levels in the next couple of weeks.
Ultratech Cement | Hold | Target Price: Rs 7,300-7,450 | Stop loss: Rs 7,000
On the weekly chart, the UltraTech Cement stock has given consolidation breakout at Rs 7,029 level on December 2, 2022; it made a high of Rs 7,389. At present, it is consolidating its previous rise. The momentum indicator viz RSI is positively poised. It is also showing good relative strength against the benchmark indices. Hence, one can hold the stock at the current level of Rs 7,151 and maintain a stop loss to Rs 7,000. On the upside, it may test Rs 7,300-7,450 levels.
(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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