 "Buy YES Bank for a target of Rs 225, SL of Rs 178: Prabhudas Lilladher")
Nifty outlook and few trading ideas by Vaishali Parekh, research analyst- technical research at Prabhudas Lilladher.
NIFTY VIEW
Nifty & Bank Nifty has got their daily trend turned down bringing in some corrective move. The volatility index too is on rise which would only bring in more choppiness. Pharma sector to an extent has been supporting the market while other sectors continue to be sluggish. The support for the day is seen at 35570/10680 while resistance is seen at 36130/10800. Bank Nifty would have a range of 26940-27520. The market would continue to witness stock specific move.
BUY YES BANK
CMP: Rs 195.35
TARGET: Rs 225
STOP LOSS: Rs 178
The stock has been consolidating for quite some time at around 180 levels gathering strength and has the potential to rise further in the coming days with same momentum. The RSI has indicated a trend reversal to signal a buy with a positive bias. The chart looks attractive and with good volume participation witnessed, we recommend a buy in this stock for an upside target of 225 keeping a stop loss of 178.
BUY CASTROL IND
CMP: Rs 158.50
TARGET: Rs 176
STOP LOSS: Rs 149
The stock has produced a big bullish candle pattern in the daily chart to signify strength and a breakout above the previous peak of around 156 levels. The bias has been maintained positive and we anticipate a similar momentum to continue in the coming days and with tremendous volume participation witnessed, we recommend a buy in this stock for an upside target of 176 keeping a stop loss of 149.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%