As the stock market continues to make gains, investors are keeping an eye on select stocks to watch for their results. Among these are banking stocks ICICI Bank, YES Bank, and Kotak Mahindra Bank which will be releasing their results on Saturday. In this blog post, we will be looking at the analysis of Riches Vanara, Technical and Derivatives Analyst at Stoxbox, on the stocks and his recommendations ahead of Friday's trading session.
Based on the technical and derivatives analysis provided by Riches Vanara, a Technical and Derivatives Analyst at Stoxbox, the outlook for the mentioned banking stocks is as follows:
ICICI Bank: The analyst suggests a "Buy" recommendation for ICICI Bank. The stock has broken out of a Cup and Handle pattern on the daily chart, indicating a potential uptrend. The momentum indicator MACD also supports the positive price action. The target prices for ICICI Bank are Rs 1,020 and Rs 1,050, with an immediate support level at Rs 985.
YES Bank: The analyst recommends a "Buy" for YES Bank. The stock is trading in an ascending channel pattern on the daily chart and approaching the upper end, which can be considered a resistance area. However, the short-term moving averages are providing good support, and volumes are supportive of the upward movement. The target prices for YES Bank are Rs 18.40 and Rs 19.80, with an immediate support level at Rs 16.80.
Kotak Mahindra Bank: The analyst advises to "Avoid" Kotak Mahindra Bank. Although the stock has broken out of a rounding bottom pattern on the daily chart, the price targets based on the pattern do not offer a favorable risk-reward ratio. Additionally, the stock faces multiple resistance levels around Rs 1,980-2,000. As a result, the analyst suggests avoiding fresh positions in this stock.
