Business Daily from THE HINDU group of publications
Wednesday, Apr 02, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Apr 02, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation 
We recommend a sell in YES Bank from a short-term perspective. From the charts of YES Bank we see that the stock has been on a medium-term downtrend from its 52-week high of Rs 277 (touched on January 10). However, the stock found support at around Rs 120 levels in mid March and made a corrective up move to Rs 194. This corrective up move of the stock retraced almost 50 per cent (Fibonacci retracement) of its medium-term downtrend. The stock’s recent up move was unab le to prolong further due to the selling pressure that occurred around Rs 194 and the stock resumed the medium-term downtrend by declining. The daily momentum indicator has re-entered the bearish zone. The daily moving average convergence divergence is featuring in the negative territory. The stock is trading well below the 21-day moving average. Our short-term outlook for the stock is bearish. We expect the stock’s medium-term downtrend to continue to our target level of Rs 140 in the short-term. Investors with a short-term perspective can sell the stock with a stop-loss at Rs 175 Yoganand D.More Stories on : Stocks | Recommendation | Private Banks
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