Thursday, July 26, 2012

YesBank : Correction Over

YesBank : Correction Over, Start of New Up-Move

YesBank corrected exactly 38.2% of the move from 294 to 364.25 at 337.30 and looks like a start of a new up-move. Looking at the profile chart, it has closed above the monthly VAH at 342. The stock can easily move up to 359 and to the HVN at 368.90 in the coming days. For this setup to be good, YesBank should not close below 337 on closing basis. Traders can initiate buy at CMP of 345.65, for Target of 359, 368 keeping a SL of 337.

Monthly Value Area : 342, 333, 324