SBI, Yes Bank, ICICI Bank, ACC: Market Expert Sumeet Bagadia says buy these stocks now

Sumeet Bagadia, Executive Director of Choice Broking recommends buying in SBI, Yes Bank, ICICI Bank and ACC for market participants. While SBI is the largest PSU Bank in the Banking Sector, ICICI Bank and Yes Bank are from the private banking space while ACC is from the cement sector. The detailed technical analysis of the 4 stocks is highlighted below for better understanding of readers.

Sumeet says on a daily chart, SBI has given a breakout of its Lower Band of Upward Rising Channel formation which is a bearish signal and indicates downside movement in the counter. Moreover, SBI stock has been trading below its 21 Days Moving Average which shows a negative trend for the time being. Daily momentum indicator RSI reading is at 45 level with negative crossover which points out for a negative breath in the counter. Based on the above technical structure, Sumeet is expecting a downside move in SBI during an upcoming trading session upto the level of Rs 246 – Rs 230 while upside resistance comes at Rs 305.

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Sumeet highlights on a daily chart, Yes Bank has been trading below its 21 Days Moving Average which shows a negative trend for the time being. Moreover, Yes Bank stock has been trading in a Triangle Formation and recently the stock has faced strong resistance of its Upper Band of the formation which indicates weakness in the counter and may fall upto the level of lower band of the formation. Yes Bank daily momentum indicator RSI reading is at 30 with a negative crossover which points out for a negative breath in the counter. Based on the above technical structure, Sumeet is expecting a downside move in Yes Bank during an upcoming trading session upto the level of Rs 13.50 – Rs 13 while upside resistance comes at Rs 17.65.

Sumeet says ICICI Bank should be bought in cash at around Rs 510 – Rs 512 with stop loss of Rs 487 and target of Rs 545/555. On the daily chart, ICICI Bank has been trading in Higher Highs & Higher Lows formation, which indicates a bullish trend in the stock. In the recent trade, the stock has taken good support at Lower Bollinger Band formation and 50 days Simple Moving Averages. However, a momentum indicator stochastic (14) has slipped below oversold line and RSI also showing some weakness. So based on the above mixed technical structure, Sumeet is recommending buy on dips strategy on ICICI Bank for near term.

Sumeet says On the daily chart, ACC has been falling down from the last couple of days, which indicates a bearish move in the counter. Moreover, ACC stock has slipped below Middle Bollinger Band formation & 50 days Simple Moving Averages, which suggest more downside moves for the near term. In addition, a momentum indicator MACD & Stochastic witnessed negative crossover on the daily chart, which support the bearish trend in ACC.