STOCK FUTURE OUTLOOK FOR 03 MAR 17

SELL YESBANK AT 1440 TGT 1420/1390 SL 1465

READ MORE TO KNOW TECHNICAL BASIS :

Primary trend of the stock is bullish and it is forming a reversal pattern in short term charts, it is likely to show correction with the breach of the support level of 1440, where one may initiate the short position in it for the targets of 1400-1380, while stop loss can be placed at 1465.the stock is managing to trade above its 55&200 days moving averages with the RSI of 60. 22 EMA seen us a support breakout level at 1420. Once Breakout of its support level may show downtrend in yes bank.

Sensex trades in red; Nifty hovers near 8,900
The Nifty retreated from near two-year highs , the nifty closed down 46.05 points or 0.51 per cent at 8,912. The contract opened with a gap-up and made an intraday high of 9,018., its highest since March 2015 and on the surpassing a key psychological level of 9,000.The sensex ended 144 points or 0.5 per cent lower at 28,839. after gaining as much as 0.56 per cent to its highest since March 2015.

                                              Technically, The pull-back move from the intraday high is currently finding support near 8,980. The contract made a low of 8,898 and is trying to bounce back from there. As long as it sustains above 8,980, there is a strong likelihood of a

rise to 9,025 and 9,050 in the coming sessions. Further break above 9,050 can take the index futures higher to 9,080.On the other hand, a strong break below 8,980 may increase the downside pressure. Such a break can drag the nifty  lower to 8,960-8,950 initially. Further break below 8,950 will increase the likelihood of the fall extending to 8,900.