Stocks

YES Bank (Rs 355.9): BUY

| Updated on March 12, 2018 Published on September 16, 2012

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We recommend a buy in the stock of YES Bank from a short-term perspective. It is apparent from the charts of the stock that since registering a 52-week low at Rs 230 in early January 2012, the stock has been trending higher. After a minor corrective decline, the stock took support at its base zone between Rs 320 and Rs 330 in early September. The stock’s 200-day moving average also provided base around this range. Subsequently, the stock changed its direction triggered by positive divergence in daily relative strength index and daily price rate of change indicator. On Friday, reinforcing the up move, the stock jumped 5 per cent accompanied by extraordinary volume. It is hovering well above its 200-day moving average. The daily RSI has entered the bullish zone from the neutral region and weekly RSI is moving higher in the neutral region, towards this zone. The daily moving average convergence divergence indicator has signalled a buy. Further, the daily price rate of change indicator has featuring in the positive terrain imply buying interest. We are bullish on the stock from a short-term perspective. We expect the stock’s up move to prolong and reach our price target of Rs 370 or Rs 377 in the upcoming trading sessions. Traders with short-term perspective can consider buying the stock while maintaining stop-loss at Rs 347.5 levels.

Yoganand D

BL Research Bureau

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Published on September 16, 2012
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