Big movers on D-Street: What investors should do with YES Bank, DMart and L&T
Stocks that were in focus include names like YES Bank, which rose 0.34%, DMart, which gained 0.5%, and L&T, whose shares declined 0.32% on Wednesday.
Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.
YES Bank
The stock is consolidating well below its recent swing high resistance mark of Rs 25 on its daily time frame charts and is seen to be moving in a downtrend. With the overall trend being weak and the immediate support near the Rs 23 mark, we expect the stock to stay within this narrow range of Rs 23-25 for the upcoming few weeks. Any move above Rs 25 should be a positive upside trigger towards Rs 27.50 and Rs 28.
DMart
The stock has given a good re-test to its anchor VWAP support level of Rs 4,700 and is managing to hold well above the same. A strict stop loss can be set at the Rs 4,600 mark for all active longs on the stock, and we can expect upside targets of Rs 5,100 and Rs 5,180 to eventually materialize over time. We maintain a hold-and-buy-on-dips strategy for DMart.
L&T
The stock is trading well above its major support mark of Rs 3,500. With the overall technical structure being strong and immediate support near the Rs 3,525 mark, we expect the stock to head higher towards Rs 3,700 and Rs 3,725 as this rally continues. We advise holding L&T as this stock is in a continuous uptrend rally.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do
