Big movers on D-Street: What should investors do with YES Bank, PB Fintech and Fortis Healthcare?
Stocks that were in focus included names like YES Bank, which rose 11.62%, PB Fintech, which fell 6.15%, and Fortis Healthcare, whose shares increased 4.3% on Tuesday.
Here’s what Viral Chheda, Sr Technical Analyst at SSJ Finance & Securities, recommends investors should do with these stocks when the market resumes trading today.
YES Bank – Buy
In the daily we can see that after making the low around 15.70 in Oct 2023, price has witnessed a sharp Bull Run to make the 52 week high of 26.25 odd levels. Higher Top Higher Bottom pattern is formed as buyers are having full control on price. The High price has given some profit booking as it retraced almost 34% of previous rally to make low around 22.60 odd levels.
After taking the support of 50 DMA at 22.44 price has given some pull back and today with high volume price has breached the 20 DMA level of 24.10 and closing above that level indicated further upside from here. The Stochastics Oscillator is also moving in an upward trend along with an increase in volume indicating an upside rally from here.
Hence one can buy at current level and more at dips of23 with SL of 19.50 on weekly closing basis and upside can be seen till 35-45in next 10-12 months.
PB Fintech – Avoid
After making the low around 660 in Oct2023, price has given a sharp upside rally to make the 2 years high of 1048 odd levels. Price has given almost 60% returns from its lower level of 660 bulls having upper hand over the price.From the higher level price witnessed some profit booking and today with high volume price has breached the 20 DMA on the lower side to make the low of 850 odd levels. Price is currently moving sideways and has a support around 840, if the support is hold then we can see a pullback rally till 1000-1030.
Above 1050 we can see a new upside rally and it can continue till 1500-1800 odd levels. Below 840 we can see further dip in price till 750 odd levels. The stochastic Oscillator is also moving in the downward trend indicating some sideways to downside move.
Hence at current level one should avoid buying at current level, if it corrects till 800 level then one can buy around there and with SL of 720 on weekly closing basis and on pull back we can see upside till 1000-1100 in next 6-8 months.
Fortis Healthcare – Buy
In the daily chart after making the low around 314 in Oct 2023, price has witnessed a sharp Bull Run to make an all time high of 449 odd levels. Price has given almost 43% returned from its lower level as buyers were having full control on price.
In the last 20-25 days price has moved in the range of 409-449 level and today with high volume price has breached the consolidation phase and moving above that level indicating further upside from here.
Price is moving above its all three major averages of 20 DMA,50 DMA and 200 DMA which is a good sign for further upside. The Stochastic Oscillator is also moving in an upward trend along with an increase in volume indicating further upside rally with limited downside risk.
Hence one can buy at current level and more at dips of 430 with SL of 400 on weekly closing basis and upside can be seen till 550-620 in next 10-12 months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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