TECHNICAL ANALYSIS OF YESBANK FOR 03 JUNE 2016

FUTURE:

“BUY YESBANK ABOVE 1055 TGT 1065/1080”

“SELL YESBANK BELOW 1040 TGT 1030/1010”

DAILY CHART FOR YESBANK :

Private sector Yes Bank   is likely to raise USD 1 billion from overseas investors in the current fiscal as it has recently got government approval for increasing foreign investment to 74 percent. The increase in limit will provide the bank with significant enhanced flexibility in global capital raising, said Kapoor who has been recently felicitated by the London Business School for his contribution to entrepreneurship and innovation. YES Bank after moving up for four-five days or so and especially testing certain critical levels, it tends to come and test its 13-day moving average (DMA). It shows that its intermediate uptrend continues, yet, for a day trader there is some trading opportunity and this time the trading

opportunity is on the downside. So target would be Rs 998 if that gets breached  that is a strong support, 13-day moving average  then the consolidation zone around Rs 985-986 might be tested and put a stop loss above Rs 1,034." 

        Extending gains for the third straight session on Thursday the Sensex ended with a gain of 129 points at 26,843. The Sensex opened at 26,694 touched an intra-day high of 26,885 and low of 26,641.The Nifty closed with a gain of 39 points at 8,219. The Nifty opened at 8,157 hit a high of 8,230 and low of 8,155."Markets continue to remain in an uptrend with bouts of consolidation. Encouraging GDP and core sector data indicating that the economy is on the growth track have been the key triggers. The headline indices rallied tracking positive trend seen in European stocks.  Indian Stock Market would open flat to minor negative. Technically, Indian Stock Market is still in positive zone. Today also market look in buying zone of 8200-8250. In  days to come, there are lot of big global events that would keep market on edges and volatile. So better to lighten up your position and fresh position can be enter only when nifty comes out of the range of 8100-8250 levels.
TOP GAINERS:  Coal India, Hero MotoCorp, Tata Motors, Bharti Airtel, GAIL, ONGC, Infosys, ICICI Bank and M&M

TOP LOSERS: Wipro, ITC, HUL, Sun Pharma, Lupin and L&T