YES BANK has target of Rs 280: Bothra

YES BANK has target of Rs 280, says Kunal Bothra, Senior Technical Analyst of LKP.

Bothra told CNBC-TV18, "I am looking at buying Yes Bank with a price target of Rs 280 on intraday basis. This stock  has been under continuous selling pressure since last close to five trading sessions. The daily chart yesterday showed  that it was very strong hammer formation, which is sort of a trend reversal pattern in the chart and a short-term rally can  be expected in the stock." He further added, "If you look at the historical patterns on the daily chart also, the stock has always managed to bounce  one more day after its formed a hammer pattern, which is very encouraging sign for an intraday basis, also the  momentum as compared to yesterday