Sameet Chavan, technical analyst, Angel Broking gave views on the following stocks:
1. Voltas
View: Bullish
Last Close: Rs 278
This stock had given a 'Trend Line' break out from its multiple resistance zone of Rs 275 on Mar. 12, 2015. The stock gave a decent move post this development and then immediately slipped into a corrective mode. The stock prices have now given a pull back towards the break out point, which is now acting as a strong support. This level coincided with the hourly '89 EMA' and hence, we are witnessing a good traction from this support zone. Considering these evidences, we expect the stock to resume its uptrend and give a decent upside in the near term. Thus, we advise traders to buy this stock from current level to a decline up to Rs 275 for a target of Rs 290 in coming 2-3 weeks. The stop loss for this trade set up can be kept at Rs 272.
2. HDFC Bank
View: Bearish
Last Close: Rs 1037.95
This stock has been oscillating within a narrow range of Rs 1100 to Rs 1034 since the latter part of the January. During Tuesday’s session, we witnessed a gentle slide in the stock prices towards the lower end of the range i.e. Rs 1034. The stock had attempted to break this level twice during the February as well as March month; but, it failed to do so. However, this time, considering the overall hourly chart structure along with the rising volumes; we expect the stock to breach the strong support zone of Rs 1034. Hence, traders are advised to sell this stock at current level for a target of Rs 1005 in coming 1 ��" 2 weeks. The stop loss for this trade set up can be kept above Rs 1058.
3. Yes Bank
View: Bearish
Last Close: Rs 822.65
With a broader perspective, the stock is trading in a sideways trend. However, in the near term, the stock is struggling to sustain at higher levels. Currently, it's trading marginally above the 'Upward Sloping Trend Line' support of Rs 812. However, considering the recent price action, we expect the stock to break this support and slide lower. Hence, we advise traders to sell this counter from current level to a bounce up to Rs 827 for a target of Rs 788 in coming 2-3 weeks. The stop loss can be maintained at Rs 844.
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