New Delhi, 19 December 2023, Indian stock markets closed slightly lower on Monday due to weak global cues. However, several stocks defied the downward trend, offering potential trading opportunities.
YES Bank:
- Action: Hold.
- Target price: Rs 24.75.
- Stop loss: Rs 22.
- Analysis: YES Bank broke through the resistance zone of Rs 22.40 with strong volume, suggesting further upside potential. Retesting the previous peak of Rs 24.75 is likely, but watch for resistance there. Support lies near Rs 22.
Vedanta:
- Action: Hold.
- Target price: Rs 275-280.
- Stop loss: Rs 246.
- Analysis: Vedanta has steadily climbed from its low of Rs 211, surpassing the crucial 200-period moving average of Rs 258. Further gains are expected, with potential resistance near Rs 275-280. Near-term support lies at Rs 254. Overall trend is positive, but a break below Rs 246 would weaken the outlook.
JSW Energy:
- Action: Buy.
- Target price: Rs 470-480.
- Stop loss: Rs 400.
- Analysis: JSW Energy bounced back from its 50-EMA of Rs 380 and surpassed the previous peak of Rs 449, solidifying its upward momentum. Profit booking near Rs 477 caused a recent dip, but support holds at Rs 410 (50-EMA). A decisive close above Rs 460 confirms further bullishness, with potential targets in the Rs 470-480 range. However, a break below Rs 400 weakens the positive outlook.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Please consult a qualified financial advisor before making any investment decisions.
Important :
- This is just a simplified summary and the original article may contain more details and nuances.
- Always conduct your own research before making any investment decisions.
