Technical Breakout Stocks: How to trade YES Bank, Aster DM and Fortis Healthcare on Wednesday

Indian market bounced back on Tuesday but faced selling pressure at higher levels.

The Nifty50 closed 157 points higher at 21,929 while the S&P BSE Sensex closed with gains of over 450 points.

Sectorally, buying was seen in oil & gas, IT, telecom, energy, and metal space while power, banks, and FMCG saw some selling pressure.

Stocks that were in focus include names like YES Bank which rose over 11%, Aster DM Healthcare closed with gains of nearly 4% to a fresh record high and Fortis Healthcare also rose nearly 5% to a fresh high on Tuesday.

We have collated a list of three stocks that either hit a fresh 52-week high, or all-time high or saw a volume or a price breakout.

We spoke to an analyst on how one should look at these stocks the next trading day entirely from an educational point of view: Here’s what Ankit Choudhary, co-founder, Financial Independence Services, (SEBI Registered Investment Advisors, Registration Number – INA100008939), had to say:

YES Bank

YES Bank stock was up by 11.62% on Tuesday after taking support near the 50-day EMA. We have recommended this stock for long-term investment for a target of Rs 50 in 1 year.

The quarterly numbers of YES Bank are improving, and the bank is on course of revival. For swing traders, fresh entry can be taken above Rs 26.5 with a stop loss of Rs 21.9 for a target of Rs 34.9.

Fortis Healthcare

Fortis Healthcare has given a fresh breakout on the daily charts but did not close strong, so we would avoid this stock at current levels.

Aster DM Healthcare

Aster DM Healthcare looks good on the charts, and we would suggest a ‘buy-on-dip’ strategy. It is evident from the price action that the stock has taken support around 20-EMA and then bounced back.

Traders can buy the stock at around 425 with a stop loss of 394 for a target of Rs 449 and 499.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

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