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| Yes Bank-Daily Chart source: www.icicidirect.com |
During the last few days,markets has seen profit booking after the steep rise.The fall is lead mainly by the banking index.Several banking heavyweights have broken the important support levels in this fall and are offering shorting opportunities.
Yes Bank is also one such stock which has broken down from the Wedge pattern in last trading session
( see fig ). Momentum oscillators are negative indicating the downward momentum in the stock.
From very short-term prospective of 4-5 trading sessions,we expect Yes bank to hit levels of 310-320 below 365 .So short positions can be taken accordingly taking stop loss above 385.
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