TECHNICAL ANALYSIS OF YESBANK 05 JAN 2016

FUTURE:

"BUY YESBANK  ABOVE 770 TGT 778/785 "

"SELL YESBANK BELOW 757 TGT 750/740 "

DAILY CHART FOR YESBANK:

YES Bank Q3 results declared on 29 jan 2016, net up  25% despite high provisions, NII rises 27% Net interest income, the difference between interest earned and interest expended, grew by 27.3 percent to Rs 1,157 crore in quarter ended December 2015 compared to Rs 909 crore in year-ago period, driven by strong advances growth of 26.7 percent.

Primary trend of the stock is bullish and is consolidating at the higher level after showing correction. It is expected to continue the bull run with the crossing of the resistance level of 792, as the stock is sustaining above its 200 and 50 days moving averages. One may initiate the long position above the mentioned level for the targets of 800/820 .

It is looking weak on charts however it is accumulating above its major support level and recently has given breakout of its previous major resistance level 774, now it has next resistance at the level of 792; it is likely to experience fresh buying with the crossing of mentioned level. and is forming a reversal pattern in short term charts, it is likely to show correction with the breach of the support level of 757, where one may initiate the short position in it for the targets of 740.