Hold YES Bank, Vedanta & Adani Green shares, suggests Arihant Capital

Indian benchmark indices settled higher on Friday on the back of positive domestic and global cues including decent monsoon, eased down tensions in the middle and fall in the crude oil prices ahead of Q1 results season. BSE Sensex jumped 303.03 points, or 0.36 per cent, to settle at 84,058.90, while NSE’s Nifty50 soared 88.80 points, or 0.35 per cent to close at 25,637.80 for the day.
 

Select buzzing stocks including Adani Green Energy Ltd, YES Bank Ltd and Vedanta Ltd are likely to remain under the spotlight of traders for the session today. Here is what Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets has to say about these stocks ahead of Monday’s trading session:
 

YES Bank | Hold | Target Price: Rs 24-26 | Stop Loss: Rs 18

YES Bank is witnessing a retracement of the prior up move from Rs 17 to Rs 23 on the daily charts. It is underperforming the benchmark indices. However, the RSI remains positively poised, suggesting that the upward momentum may resume in the near term. Hence, investors are advised to hold the stock at the current market price, with a stop loss at Rs 18. The anticipated upside target is projected in the range of Rs 24–26 over the next couple of weeks.
 

Adani Green Energy | Hold | Target Price: Rs 1,100-1,120 | Stop Loss: Rs 980

Adani Green is trading sideways within a defined range on the daily charts, facing resistance near Rs 1,077 and finding support around Rs 911. At present, the stock is underperforming the benchmark indices, however the RSI remains positively poised, suggesting that upward momentum may continue. In view of the above, investors may consider initiating a hold position at the current market price, placing a stop loss at Rs 980. The stock has the potential to move towards the target range of Rs 1,100–1,120 in the coming couple of weeks.
 

Vedanta | Hold | Target Price: Rs 510-545 | Stop Loss: Rs 440

Vedanta has shown a strong rebound from the 50-day SMA at Rs 436 with rising volumes on the daily charts. The momentum indicator RSI is positively poised, further supporting the bullish outlook. The combination of positive price action and rising volume indicates the potential for sustained upward momentum. Based on this setup, investors may consider entering a hold position at the current market price, with a stop loss placed at Rs 440. The stock is expected to move towards the target range of Rs 510–545 over the next couple of months.