Adani Power is showing a good momentum and making higher highs for the last six days. The volume activity on the counter has picked up. 
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Adani Power is showing a good momentum and making higher highs for the last six days. The volume activity on the counter has picked up. Domestic stock indices settled with decent gains on Thursday, taking their winning run to the fifth straight session, thanks to buying in heavyweights such as banking and financials. The BSE barometer Sensex gained 385.04 points, or 0.58 per cent, to settle at 66,265.56. The NSE Nifty added 116 points, or 0.59 per cent, to 19,727.05.
Select stocks namely YES Bank, Adani Power and Kaynes Technology are likely to remain in focus today. Here is what By Riches Vanara, Technical and Derivative Analyst at StoxBox has to say on these stocks ahead of Friday's trading session:
YES Bank | Buy | Target Price: Rs 19.20-20.80 | Stop Loss: Rs 17.50
YES Bank is trading in an ascending channel pattern on the daily chart. It has approached the upper end of the channel. It has given breakout from a consolidation after 20 days. This area coincided with the polarity zone of previous breakout, which is a bullish sign. The momentum indicator MACD is also hovering around its zero line, which compliments the price action. This is a buy setup for targets of Rs 19.20 and Rs 20.80, respectively, with stop loss placed below Rs 17.50.Adani Power | Buy | Target Price: Rs 372-386 | Stop Loss: Rs 348 Adani Power is showing a good momentum and making higher highs for the last six days. The volume activity has picked up nicely and is trading above average. A clean breakout is also seen on the relative strength chart in comparison to Nifty, which is a bullish sign. One can buy this stock for targets of Rs 372 and Rs 386, respectively with a stop loss placed below Rs 348.Kaynes Technologies | Buy | Target Price: Rs 2,010-2,070 | Stop Loss: Rs 1,890 Kaynes Technologies is retesting its previous breakout zone which can also be termed as law of polarity in technical terms. The 14-period RSI is also seen reversing from its 60 level and this is a bullish sign. Volumes have dried up during the downward movement, which indicates less supply pressure. One can buy the stock for targets of Rs 2,010 and Rs 2,070, respectively, with a stop loss placed below Rs 1,890.
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