Yes Bank, Britannia, and Reliance: The first trading session of 2024 for domestic stock indices saw a lack of clear global cues, resulting in a flat performance. Despite initial gains, both the BSE Sensex and NSE Nifty ended the day on a somewhat stagnant note.
BSE Sensex managed a modest increase of 31.68 points, or 0.04%, closing at 72,271.94, while NSE Nifty inched up by 10.50 points, or 0.05%, settling at 21,741.90.
Investors are likely to focus on specific stocks on Dalal Street in the upcoming session, including Britannia Industries Ltd, Reliance Industries Ltd, and YES Bank Ltd. Shiju Koothupalakkal, a Technical Research Analyst at Prabhudas Lilladher, provides insights into these stocks ahead of Tuesday’s trading session.
Britannia Industries:
– Recommendation: Buy
– Target Price: Rs 5,700-6,070
– Stop Loss: Rs 5,180
Britannia Industries has experienced a noteworthy rally from the low near Rs 4,400, surpassing key moving averages like the 50-EMA, 100-period MA, and 200-period MA zones, signaling an improved bias. The stock has recently formed a higher bottom on the daily chart, reinforcing the upward trend.
Breaking out above Rs 5,270, the stock entered new territory, with potential further gains toward Rs 5,700 and Rs 6,070 in the medium term. The near-term support is anticipated around Rs 5,180.
Reliance Industries:
– Recommendation: Hold
– Target Price: Rs 2,730-2,850
– Stop Loss: Rs 2,470
Reliance Industries has witnessed substantial gains over the last two months following a breakout from a descending channel. Currently approaching the previous peak zone of Rs 2,630, the stock might encounter some resistance.
The near-term support is expected to hold near Rs 2,470, and a decisive breach below this level would weaken the overall bias. Conversely, a clear breach above the previous peak at Rs 2,630 could trigger a breakout, targeting fresh levels at Rs 2,730 and Rs 2,850 in the medium-term timeframe.
YES Bank:
– Recommendation: Hold
– Target Price: Rs 24.75-28.50
– Stop Loss: Rs 20
YES Bank has seen gains in the past two months, starting from the Rs 15.80 zone, with recent instances of forming higher lows on the daily chart.
Further upward movement is anticipated upon a decisive breach above Rs 23. The next visible targets for the stock are at Rs 24.75 and Rs 28.50, respectively. However, a decisive breach below Rs 20 could weaken the stock’s bias.
In summary, the stock market’s start to 2024 has been relatively muted, with specific stocks showing potential for movement.
Investors should carefully consider the recommendations and target levels provided by Shiju Koothupalakkal for Britannia Industries, Reliance Industries, and YES Bank in the upcoming trading session. Market participants are advised to stay vigilant and adjust their strategies based on the evolving market conditions.
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