IRFC, Zomato, Voda Idea: Strategies for most actively traded stocks

As of 10 AM on Friday, Yes Bank, Voda Idea, IRFC, NHPC and Tata Steel were the top traded stocks among the Nifty 200 index. Here's a technical outlook on the select shares.

As the fight between the bulls and bears gets fierce on the bourses, stocks are expected to witness wild swings in the coming trading sessions. As such, the most actively traded stocks on a daily basis, or stocks that draw the highest investor participation tend garner more limelight.

On Friday March 15, as of 10 AM, Yes Bank, Voda Idea, IRFC, NHPC, Tata Steel, IOC, PNB, HPCL, Bharat Electronics and SAIL were the top 10 traded stocks among the Nifty 200 index.

Here's are quick chart check on select 5 shares.

Tata Steel

Current Price: Rs 142

Support: Rs 140; Rs 134

Resistance: Rs 147; Rs 150

Shares of Tata Steel tanked 13 per cent in the last four trading sessions amid the broader market weakness. Despite this, the overall bias for the stock remains positive as the chart pattern so far has maintained its higher-highs and higher-lows formation.

Since the last two trading sessions, Tata Steel is seen testing support around its 50-DMA (Daily Moving Average) which stands at Rs 140.80, which also coincides with the trend line support. CLICK HERE FOR THE CHART

As long as these support levels are held on a closing basis, the stock may attempt to pullback to Rs 150-odd levels, with interim resistance seen around its 20-DMA at Rs 147. On the flip side, break and consistent trade below Rs 141, can trigger a slide towards the 100-DMA which stands at Rs 134.

Yes Bank

Current Price: Rs 22.80

Support: Rs 22.50; Rs 19.80

Resistance: Rs 24.60; Rs 25.30; Rs 25.60

Yes Bank has witnessed a massive 37.4 per cent fall from its February 09, 2024, high of Rs 32.85 to a recent low of Rs 20.55. The overall trend for the stock seems tepid, as the stock is now only trading below its short-term moving averages, but also the short-term 20-DMA at Rs 24.60 has slipped below the 50-DMA at Rs 25.30.

These two moving averages along with the trend line resistance at Rs 25.60 are likely to act as key hurdles for the stock going ahead. On the downside, the stock is presently seen testing support around its 100-DMA at Rs 22.50, below which the next significant support stands at Rs 19.80 i.e. its 200-DMA. CLICK HERE FOR THE CHART

IRFC

Current Price: Rs 138

Support: Rs 115

Resistance: Rs 147; Rs 151

After a sharp rally of 157 per cent in the two-month period of December 2023 - January 2024, IRFC is seen grinding downwards, making lower highs and lower lows on the daily scale. The stock has declined over 39 per cent post the January high of Rs 193. CLICK HERE FOR THE CHART

The near-term trend for the stock is likely to remain negative as long as the stock trades below its trend line resistance at Rs 151. On the downside, the 100-DMA at Rs 115 has so far acted as the support. The stock is likely to trade in this range for some time now.

Zomato

Current Price: Rs 153

Support: Rs 148; Rs 134

Resistance: Rs 160.60

Zomato had recorded a phenomenal gain of 244.3 per cent at a high of Rs 175.60 high on March 04, 2024, for this fiscal year ending March 31, 2024. The stock, however, has pared some gains with a decline of near 18 per cent from its recent summit.

Amid the recent dip, the stock is now seen trading below its 20-DMA, which stands at Rs 160.60. However, despite this, the bias for the stock remains cautiously positive based on the moving averages action, wherein the shorter-term moving averages hold above the long-term moving averages.

Presently, the stock is seen testing support around its 50-DMA at Rs 148. The daily charts suggest, that the stock needs to reclaim its 20-DMA and trade consistently above it in order to regain strength. CLICK HERE FOR THE CHART

On the flip side, break of the 50-DMA support, could trigger a fall towards the 100-DMA at Rs 134 levels.

Vodafone Idea

Current Price: Rs 12.90

Support: Rs 11.65

Resistance: Rs 14.30; Rs 14.65; Rs 15

Vodafone Idea has been one of the most actively traded stocks for long. The near-term bias for the stock seems negative as it trades below the 20-, 50- and 100-DMAs at Rs 14.65, Rs 15 and Rs 14.30, respectively. Further, the 20-DMA is below the 50-DMA and now seems on course to dip below the 100-DMA. CLICK HERE FOR THE CHART

As and when this happens, the bears are likely to get a stronger hold of the stock. For now, the only hope for the bulls stands at the 200-DMA Rs 11.65.