Stock Spotlight: YES Bank, Vedanta, and JSW Energy – Potential Moves Unveiled for Tomorrow’s Trading

Market Overview

On Monday, the domestic stock indices experienced slight declines due to uncertain global cues, causing the BSE Sensex to drop by 0.24% and the NSE Nifty by 0.18%. Despite this, certain stocks on Dalal Street are gaining attention, specifically YES Bank Ltd, Vedanta Ltd, and JSW Energy Ltd.

YES Bank: Momentum Indicates Growth Potential

YES Bank has shown promising gains by surpassing the resistance zone of Rs 22.40. This improvement, coupled with increased volume participation, suggests a positive bias. Analysts anticipate further growth for the stock, targeting the previous peak zone of Rs 24.75. The anticipated support level lies around Rs 22, indicating a potential upward trend in the near future.

Vedanta: Gradual Recovery and Potential Upside

Vedanta has been steadily recovering from its low near Rs 211, exhibiting a decent pullback and surpassing the crucial 200-period MA at Rs 258. Analysts foresee a possible rise to the Rs 275-280 range, where the stock might encounter resistance. Supported by the RSI signaling strength, the near-term support for Vedanta stands at Rs 254. A breach below Rs 246 could alter this positive trend.

JSW Energy: Positive Momentum and Potential Buy Opportunity

JSW Energy has displayed a notable pullback from the significant 50-EMA level at Rs 380, breaking past the previous peak zone of Rs 449 and solidifying its bias. Although encountering resistance near Rs 477 with recent profit booking, the stock’s near-term support lies around Rs 410, near the crucial 50-EMA. A decisive breach below Rs 400 would weaken its trend. However, a confirmed close above Rs 460 could signal a further upward move, targeting the Rs 470-480 range.

Disclaimer

The market news provided is for informational purposes and not as investment advice. Readers are advised to consult a qualified financial advisor before making any investment decisions.

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