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Due to a lack of clear global cues, domestic stock indices concluded the first session of 2024 on a flat note on Monday. The indices ended the day mostly flat after giving up their intraday gains. To close at 72,271.94, the BSE Sensex gained 31.68 points, or 0.04 percent. To reach 21,741.90, the NSE Nifty increased by 10.50 points, or 0.05 percent.

Today’s focus is probably going to be on a few Dalal Street stocks: Britannia Industries Ltd., Reliance Industries Ltd., and YES Bank Ltd. 

Target price for Britannia Industries is between Rs 5,700 and Rs 6,070. Rs 5,180 is the stop loss.
Following a low near the Rs 4,400 zone, Britannia saw a respectable rally, surpassing the important 50-EMA, 100-period MA, and 200-period MA zones and strengthening the bias. The trend has been further reinforced by the stock’s recent higher bottom formation on the daily chart. The stock showed signs of breaking above the Rs 5,270 mark and moved into uncharted territory. In the medium run, the stock may rise even higher, possibly reaching levels of Rs 5,700 and Rs 6,070. The level of about Rs 5,180 would be the short-term support.

Reliance Industries | Hold | Rs 2,730-2,850 as the target price Stop Loss: 2,470 rupees
Since the descending channel breakout two months ago, Reliance Industries has seen considerable gains. It is currently on the verge of reaching the previous peak at Rs 2,630, where there may be some resistance. Only a clear breach below the Rs 2,470 zone would weaken the overall bias, and this zone would continue to provide near-term support. In the medium term, new targets of Rs 2,730 and Rs 2,850 levels, respectively, should be reached through a clear breakout above the prior peak zone of Rs 2,630.

YES Bank | Hold | Stop Loss: Rs 20 | Target Price: Rs 24.75-28.50
In the past two months, YES Bank has increased from the Rs 15.80 zone, and it has formed higher daily lows twice recently. Once the stock decisively breaks above the Rs 23 level, more growth is expected. The next targets that are displayed on the counter are at levels of Rs. 28.50 and Rs. 24.75, respectively. A clear breach of less than Rs 20 ought to lessen the prejudice.

 

 

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