We recommend a buy on Yes Bank from a short-term trading perspective. It is apparent from the charts of Yes Bank that after meeting resistance around Rs 90 in early January, it fell by nearly 55 per cent and found support around Rs 41 in early March. The early March low is also a 52-week low for this stock. However, the stock changed trend and breached the medium-term down trendline recently. On March 24, the stock jumped 5 per cent, penetrating 21-day moving average. We observe that there is an increase in volume over the past three trading sessions. The daily relative strength index is rising in the neutral region and the weekly RSI is recovering from the oversold levels. The daily moving average convergence and divergence indicator is signalling a buy. We are bullish on the stock from a short-term horizon. We anticipate the stock's short-term uptrend to prolong until it hits our price target of Rs 56 in the approaching sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 47
via BL
via BL
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