Below Rs 694, YES Bank may test Rs 668: Rajat Bose

Rajat Bose of rajatkbose.com told CNBC-TV18, "YES Bank earlier was looking pretty weak. However, after Bank of America Merrill Lynch recommendation or rerating of this stock, it has actually got fresh life. It is now testing its critical resistance zone. If this zone is taken out then only you will find further upswing happening. Even if that rerating and that long-term projections stands to be pretty high unless you take out 50 day, 90 day and 200 day moving averages on the upside which are located from say about Rs 750 to about Rs 770, do not expect much of an upside. At the same time, suppose it were to again fall below Rs 694 for any reason, then weakness resurfaces and it could trace its way back to Rs 668 kind of levels." At 09:29 hrs Yes Bank was quoting at Rs 722.50, up Rs 9.35, or 1.31 percent. It has touched an intraday high of Rs 725.95 and an intraday low of Rs 717.