Sumeet Bagadia
Since last few days, Yes Bank has been trading in a range bound move and this type of structure doesn’t indicate any particular direction for the upcoming trading session unless the stock gives either side breakout.
Moreover, the stock has been facing a strong resistance of its 200-day moving average which is placed at Rs 329.90 level which shows a weak move in the counter for the time being.
Even on a weekly chart, the stock has been trading with a negative crossover of 21*50 Weeks Moving Average which suggest a negative breath in the counter.
However, the stock has multiple supports at Rs 280 level which is a 61.8 percent Fibonacci retracement level of its previous up move from Rs 218 level to Rs 382.90 level which otherwise indicates a bounce back movement in the counter.
Based on the above technical structure, we are expecting a sideways move in the counter; however upper side resistance comes at Rs 330 level while downside support comes at Rs 280 level.
Disclaimer: The author is Associate Director, Research at choiceindia.com. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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