Britannia,Yes Bank ,Reliance Industries: Trading gets closer for these big-cap stocks.

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Stock Exchange

In the past two months, YES Bank has experienced gains, and the trend has recently improved with the appearance of two higher low structures on the daily chart.

Stock Exchange
Stock Exchange

Due to an absence of clear global cues, domestic stock indices determined the first session of 2024 on a flat note on Monday. The indices concluded the day mainly unchanged after giving up their intraday gains. For the day, at 72,271.94, the BSE Sensex gained 31.68 points, or 0.04 percent. To get to 21,741.90, the NSE Nifty increased by 10.50 points, or 0.05 percent.

Today’s focus is likely to be on a few Dalal Street stocks: Britannia Industries Ltd., Reliance Industries Ltd., and YES Bank Ltd. prior to Tuesday’s trading session, Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher, had the following to say about these stocks:

Target price for Britannia Industries is between Rs 5,700 and Rs 6,070. Rs 5,180 is the stop loss.

After a low near the Rs 4,400 zone, Britannia saw an encouraging rally, catching the important 50-EMA, 100-period MA, and 200-time MA zones and boosting the bias. The trend was strengthened further by the stock’s recent greater bottom formation on the chart for the day. The stock showed signs of giving above the Rs 5,270 mark and moved into unknown territory. In the near run, the stock may rise further, possibly to levels of Rs 5,700 and Rs 6,070. The level of about Rs 5,180 would be short-term support.

 Recommendation for YES Bank is to maintain the current position with a target price range of Rs 24.75-28.50 and a stop loss at Rs 20. 

In the past two months, YES Bank has gone up from the Rs 15.80 zone, and it has formed higher daily lows two times recently. Once the stock strongly breaks above the Rs 23 level, additional growth is projected. The next targets that are displayed on the counter are at levels of Rs. 28.50 and Rs. 24.75, respectively. A plain breach of a maximum of Rs 20 ought to reduce the impact.

Reliance Industries | Hold | Stop Loss: Rs 2,470 | Target Price: Rs 2,730-2,850

Since the falling transmit breakout two months ago, Reliance Industries has experienced significant gains. It is right now on the verge of getting the previous peak at Rs 2,630, where there may be some resistance. Only a definitive fall below the Rs 2,470 region would weaken the entire bias, and this zone would keep on offering near-term support. In the near future, new targets of Rs 2,730 and Rs 2,850 levels, respectively, should be reached with a clear breakout above the previous peak zone of Rs 2,630.

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