FUTURE:
"BUY YESBANK
ABOVE 770 TGT 778/785 "
"SELL YESBANK BELOW 757
TGT 750/740 "
DAILY CHART FOR YESBANK:
YES Bank Q3 results declared on 29 jan 2016, net up 25% despite high provisions, NII rises 27% Net
interest income, the difference between interest earned and interest expended,
grew by 27.3 percent to Rs 1,157 crore in quarter ended December 2015 compared
to Rs 909 crore in year-ago period, driven by strong advances growth of 26.7
percent.
Primary trend of the stock is bullish and is consolidating at
the higher level after showing correction. It is expected to continue the bull
run with the crossing of the resistance level of 792, as the stock is
sustaining above its 200 and 50 days moving averages. One may initiate the long
position above the mentioned level for the targets of 800/820 .
It is looking
weak on charts however it is accumulating above its major support level and
recently has given breakout of its previous major resistance level 774, now it
has next resistance at the level of 792; it is likely to experience fresh
buying with the crossing of mentioned level. and is forming a reversal pattern
in short term charts, it is likely to show correction with the breach of the
support level of 757, where one may initiate the short position in it for the
targets of 740.
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