YES Bank, Suzlon Energy, PNC Infratech: How to trade these 3 buzzing stocks

Indian benchmark indices settled lower on Thursday amid the rising selling pressure in the Adani Group stocks and muted global cues. Consistent FIIs selling and escalating tensions between Russia and Ukraine is denting sentiments at the Street. BSE Sensex dropped 422.59 or 0.54 per cent to end the session at 77,155.79. NSE’s Nifty50 cracked 168.60 points or 0.72 per cent, to settle at 23,349.90 for the day.

Some buzzing banking stocks including YES Bank Ltd, PNC Infratech Ltd and Suzlon Energy Ltd are likely to remain under the spotlight of traders for the session today. Here is what Ameya Ranadive, CMT, CFTe and Senior Technical Analyst at StoxBox has to say on these stocks ahead of Friday’s trading session:

Suzlon Energy | Buy | Target Price: Rs 76-82 | Stop Loss: Rs 57.5

Suzlon Energy has seen a sharp correction of 37 per cent from its 52-week high over the last three months. The stock recently rebounded from an oversold zone, with the RSI improving to 48 from a previous low of 35, indicating a potential reversal in momentum. The technical setup suggests a robust bounce from the key support zone of Rs 55-54, offering an attractive risk-reward opportunity for traders. Given the current price action, Suzlon can be considered for buying at these levels. A stop-loss should be placed at Rs 57.5 to manage downside risk, while the upside target is projected in the range of Rs 76-82.

YES Bank | Caution | Support: Rs 19

YES Bank has declined 30 per cent over the past two months. The stock is stuck in a downward-sloping channel, reflecting strong selling pressure, and remains below all significant moving averages, including the 20-day, 50-day, 100-day, and 200-day EMAs. This highlights continued bearish sentiment. The immediate support for it lies at Rs 19, which serves as a critical level for bulls to defend. A breakdown below this level could intensify the selling pressure and lead to further declines. The Average Directional Index (ADX) at 38 suggests strong momentum in the downtrend, with no visible signs of reversal. In light of these indicators, Yes Bank is currently in a no-trade zone. Traders are advised to wait for signs of stabilization or a bullish reversal before considering any long positions.

PNC Infratech | Caution

PNC Infratech is moving within a downward-sloping channel. The stock has struggled to sustain the bullish breakout from a three-year-long cup-and-handle pattern, which typically signals a continuation of the trend. The price has dropped by over 48% from its all-time highs, with no signs of recovery during the ongoing corrective phase. The stock is trading below its 50-week and 100-week moving averages, accompanied by relatively high trading volumes, indicating sustained selling pressure. The lack of momentum and weak price strength is evident from the stock’s underperformance compared to the broader market. Given the current technical structure, attempting to bottom-fish in PNC Infra may not be advisable at this stage.