YES Bank, Adani Power, ITC: Key levels to watch-out for these buzzing stocks

January 19,2024

Domestic stock indices continued to fall on Thursday, extending their slide to the third straight session on weak global cues and disappointing earnings by select domestic companies. The BSE Sensex dropped 313.90 points, or 0.44 per cent, to settle at 71,186.86. The NSE Nifty slipped 109.70 points, or 0.51 per cent, to end the day at 21,462.25.

A few stocks namely YES Bank Ltd, ITC Ltd and Adani Power Ltd are likely to remain under the spotlight of traders for the session today. Here is what Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:

YES Bank | Caution | Resistance: Rs 26 | Support: Rs 23-21

YES Bank shares have broken out on the upside after surpassing a major hurdle of Rs 25 recently. The trend has turned extremely optimistic and any corrective move should witness long additions. The price action may witness aggressive momentum once the stock delivers consecutive closing over the Rs 26-mark. On the downside, the levels of Rs 23 and Rs 21 are support where the next accumulation is projected to occur.

ITC | Hold | Resistance: Rs 480-525 | Support: Rs 400

ITC is expected to move past a major hurdle of Rs 480, as long as the support of 200-simple moving average (SMA) placed at Rs 400 level is respected. Once this mark is conquered, the price action will move in the direction of Rs 525. The broader outlook appears robust with 'Higher High, Higher Low' formation.

Adani Power | Caution | Resistance: Rs 550| Support: Rs 500

Adani Power must overcome the selling pressure emerging at the Rs 550-mark to embark on the next upward rally. The current bias suggests a fragile advance, which may lead the stock in a sideways correction. A decisive breach of Rs 500 mark could disrupt the upside bias, with bears attempting to take control over the stock.