YES Bank, Adani Power, ITC: Key support and resistance levels for these buzzing stocks
YES Bank, Adani Power, ITC: Key support and resistance levels for these buzzing stocks
Indian benchmark indices scaled new highs during the trading session on Thursday amid the June series F&O contracts expiry. Buying in IT, cement and select heavyweight counters pushed the headline indices higher. BSE Sensex rallied 568.93 points, or 0.72 per cent to end at 79,243.18. NSE's Nifty50 index surged 175.70 points, or 0.74 per cent, to settle at 24,044.50 for the day.
Some buzzing stocks namely YES Bank Ltd, ITC Ltd and Adani Power 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 | Range-bound | Resistance: Rs 28-30 | Support: Rs 22
Shares of YES Bank must cross the hurdle of Rs 24.50, its 100-day moving average (DMA), to embark on the new journey. When that happens, a breakout should see the price action moving towards Rs 28 and Rs 30 levels. On the downside, Rs 22-mark, its 200-DMA continues to provide support for a short-to-medium term perspective. The present bias signals a sideways trend and any move on either side could trigger fresh rally in the counter.
Adani Power | Cautious | Resistance: Rs 780 | Support: Rs 675
The present trend appears sluggish, with price denoting weakness seemingly heading to Rs 675, its immediate support level. To build a positive sentiment, the price action must surpass Rs 780-mark, with an aggressive structure to rally further.
ITC | Range-bound | Resistance: Rs 445-500 | Support: Rs 400
ITC shares are battling around the 200-DMA placed at Rs 426 since April of this year. On the upside, the price must surpass Rs 445 level to break-out towards the Rs 500 mark. While the immediate support emerges at Rs 400 level, the price must display an accumulative stance to hold the optimistic sentiment.
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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