By The Daily Bharat Express (Business-Desk): Indian equity markets rebounded on Thursday, but the gains were trimmed towards the fag-end of the session. IT and financials counter led the gains, with the BSE Sensex rebounded 850 points from day’s low to finally settle at 65,982.48, up 306.55 points, or 0.47 per cent. Nifty gained about 200 points but eventually settled 89.75 points, or 0.46 per cent, higher at 19,765.20.
A few stocks namely YES Bank Ltd, Adani Power Ltd and Suzlon Energy Ltd are likely to remain under the spotlight today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at Stox Box has to say on these stocks ahead of Friday trading session:
YES Bank | Bullish
A sustained move in YES Bank over the 200-weekly moving average (WMA) has prompted a renewed up move from a medium-term perspective. The stock has realized accumulation in the range of Rs 15-16, which has quickened the up move. The trend has turned optimistic, pointing to a shift towards Rs 25 and Rs 30 levels.
Suzlon Energy | Bullish
Suzlon Energy now needs to sustain over Rs 40-level to embark on the fresh upside. While this could function as a minor suppressor, the underlying trend has built a robust support base. The immediate support comes to 32-mark, as per the technical chart. A breakout over Rs 42 could steer upside in the direction of Rs 50.
Adani Power | Cautious
Adani Power is exhibiting selling pressure at the Rs 400-mark, which is acting as a significant barrier for the next up move. On the downside, the Rs 350 level is performing as a bolstering level. A decisive close over Rs 400 would mean price action is set to rally towards Rs 450-level.
Disclaimer: The Daily Bharat Express (TDBE) 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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