Indian benchmark indices snapped the six day winning run on Friday and settled lower, ahead of key events of the weekend. The rising concerns of tariffs has raised near-term concerns among the investors.
BSE Sensex tanked 693.86 points, or 0.85 per cent, to settle at 81,306.85, while NSE’s Nifty50 cracked 213.65 points, or 0.85 per cent, to close at 24,870.10 for the day.
Select buzzing stocks including YES Bank, Netweb Technologies and Olectra Greentech are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say about these stocks ahead of Monday’s trading session:
Olectra Greentech | Buy | Target Price: Rs 1,650-1,700 | Stop Loss: Rs 1,510
Olectra Green is forming a higher-high pattern, reflecting sustained strength in the ongoing trend on the daily charts. Currently, it is outperforming the benchmark indices, and the momentum indicator RSI also remains positively aligned, reinforcing the bullish outlook. Considering these technical factors, the upside momentum is expected to continue. Hence, investors are advised to hold their positions at the current market price of Rs 1,560, while maintaining a stop loss at Rs 1,510. The stock is likely to move higher toward Rs 1,650-1,700 in the coming couple of weeks.
YES Bank | Sell | Target Price: Rs 14-12 | Stop Loss: 21
YES Bank is maintaining a lower-top, lower-bottom formation on the daily charts, which is a sign of prevailing weakness. The momentum indicator RSI is negatively poised, and the stock is underperforming the benchmark indices. Given these technical indicators, traders are advised to hold their short positions at the current market price of Rs 19, with a stop loss at Rs 21. The stock has the potential to test the downside target range of Rs 14-12 in the coming weeks to months.
Netweb Technologies | Hold | Target Price: Rs 2,750-2,900 | Stop Loss: 2,050
Netweb Technologies has registered a price-volume breakout on the daily charts, which is a strong sign of bullishness. Moreover, it is outperforming the benchmark indices, and the RSI momentum indicator is also positively poised, further supporting the strength in trend. Combining these factors, it is evident that the upside momentum is likely to continue. Hence, investors are advised to hold their positions at the current market price of Rs 2,306, while keeping a stop loss at Rs 2,050. On the upside, the stock has the potential to test Rs 2,750-2,900 in the coming weeks to months.