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IRCTC, Avenue Supermarts, YES Bank: Trading strategies for buzzing stocks

Buzzing stocks
Indian Railway Catering and Tourism Corporation (IRCTC):  The counter has jumped over 50 per cent in just eight sessions. Although the continuous gap-up sessions indicate strong momentum, a jump of over 50 per cent normally witnesses profit booking. This stock now needs to consolidate after a sharp rally in order enter the next leg of an upside. Rather than buying this stock now that trades in overbought condition as per Relative Strength Index (RSI), one can wait for a healthy correction. CLICK HERE FOR THE CHART

Godrej Properties Ltd (GODREJPROP): The stock faces resistance above Rs 1,100 levels. It did manage to trade above this level earlier; however, it failed to give a decent close. Only a strong close above Rs 1,100 mark on good volume can take this counter to Rs 1,210 and then Rs 1,240 levels. The immediate support comes at Rs 1,050 levels. CLICK HERE FOR THE CHART

Avenue Supermarts Ltd (DMART):  As the major resistance of Rs 2,020 was positively conquered in the last few sessions, the counter is now witnessing a strong buying momentum. The stock is mpw attempting to close above Rs 2,180 levels. If this happens, then a rally towards Rs 2,300 and then Rs 2,340 levels cannot be ruled out. The support remains at Rs 2,140 levels as per the daily chart. CLICK HERE FOR THE CHART

YES Bank Ltd (YESBANK): Every upside in this counter may eventually witness selling pressure, till Rs 45 level is not conquered decisively. That said, the RSI which is making efforts to climb above the oversold territory, may limit the downside, suggests the daily chart. CLICK HERE FOR THE CHART

Bajaj Finance Ltd (BAJFINANCE): The counter has conquered Rs 4,300 levels, which was the major resistance for an upside. Every correction towards Rs 4,200 has witnessed buying strength. Going ahead, a rally towards Rs 4,600 may be expected as the RSI has not entered the oversold territory yet. CLICK HERE FOR THE CHART



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