Adani Power's shares broke through the 50-simple moving average (SMA), but the price action was able to stop the slide close to the 100-SMA, which is located at Rs 505 level.
Following the US Fed's monetary policy, domestic benchmark indices closed significantly higher on Thursday on a number of encouraging international signs. Headline indices rose as a result of the positive feelings on Dalal Street, which drove buying in all sectors. The NSE's Nifty50 increased 172.85 points, or 0.79 percent, to 22,011.95 for the day, while the BSE's Sensex soared 539.50 points, or 0.75 percent, to 72,641.19.
YES Bank Ltd., Adani Power Ltd., and Suzlon Energy Ltd. are a few popular stocks that are probably going to be in traders' sights for the duration of today's trading session. Before Friday's trading session, here's what StoxBox's Avdhut Bagkar, a derivatives and technical analyst, had to say about these stocks:
Adani Power's shares broke through the 50-simple moving average (SMA), however the price action stopped the slide close to the 100-SMA, which is located at Rs 505 level. The trend has shifted sideways, and a significant increase is anticipated over the 50-SMA barrier, which is situated at the Rs 550 mark. Price would go towards the Rs 600 level if there was a breakout, but a breakdown below Rs 500 would cause a bearish bias and send prices plummeting to the Rs 450 mark.
YES Bank's price action is showing accumulation around its 200-SMA, which is situated at Rs 19.90, while its 100-SMA is at Rs 22.75. To start the next adventure, the breakout appears at Rs 26, which must be overcome. The price may go through a sideways or consolidating period until that occurs. If the price breaks above Rs. 26, it will rise to the 30-mark.
Suzlon Energy broke through the 50-SMA support at the Rs 43 mark, but was unable to build up around this critical support, the Rs 40 level. The price is signaling weakening towards the Rs 30 level, and the current bias is pointing to a fragile trend. To counteract the bearish bias, the stock needs to aggressively break above the Rs 40 line.
