TECHNICAL ANALYSIS OF YESBANK FOR 23 JUNE 2016

FUTURE:

“BUY YESBANK ABOVE 1082.50 TGT 1090/1100”

“SELL YESBANK BELOW 1070 TGT 1060/1050”

DAILY CHART FOR YESBANK:

Primary trend of the stock is bullish .It is expected to continue the bull run after giving breakout of its range bound movement, it is forming continuation pattern in short term charts, it is likely to continue the positive movement with the breakout of the pattern at the levels of 1082.50.as the stock is sustaining above its 200 and 50 days moving averages with the RSI of 70. One may initiate the long position above the mentioned level for the targets of 1100 and with the strict stop loss of 1065. Today, Sensex ended at 26,766 down 47 points, while NSE Nifty ended lower by 16 points at 8,204.Indian Stock Market was open flat. Technically, Indian Stock Market is still in positive zone. Analysis would still remain same. Market would consolidate in a rangebound region until Brexit event, Important Closing levels to watch out for Nifty is 8250 levels, closing  once Nifty above this level, it would be more positive biased and every downfall would be recovered with a positive rally. So for a Positive rally, Market needs to close above its immediate resistance of 8250 levels.

Once Nifty breaches levels of 8300, it would see a big breakout. Brexit decision during UK Referendum on June 23, 2016 would decide further market direction. If the country decides to stay in European Union, Market would see a sharp breakout and may see levels of 8400-8500 for Nifty. Traders should go long at every dip in the market. Nifty would see reversal only if it closes below 8100 levels which is still far. Every down move looks to be capped with support levels, so traders should buy at support levels and sell at resistance levels for now.

TOP GAINERS: Dr. Reddy's, Coal India, Lupin, Bharti Airtel, Asian Paints, Wipro, Sun Pharma

TOP LOSERS: Tata Motors, GAIL, Hindustan Unilever, M&M, Tata Steel, RIL, Infosys