The stock of YES Bank tumbled 7 per cent with extraordinary volume on Thursday, conclusively breaking a significant support in the ₹770 and ₹780 band. This support band had provided cushion to the stock since early February. But, the strong short-term downtrend has managed to breach this support.
The stock has been on a short-term downtrend since encountering a key resistance at ₹877 in early July. Moreover, the stock has decisively breached its 200-day moving average and currently trades well below it. The short-term outlook for YES Bank is bearish. It can continue to decline and reach the price target of ₹690 and then ₹675 in the forthcoming trading sessions. Sell the stock with a stop-loss at ₹735.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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