Well, watch the 4800-4785 level.... break below these should suggest ending of the current 'sideway' move and resumption of the down move....
Banking stocks have been recently good short sell candidates. One stock which seems to be making 'topping' formations is YES BANK. After making multiple tops at Rs 280/- levels, it has started weakening .
It has closed at Rs 242 and now a break below Rs 237 should trigger a sell off further down. I will not be surprised if it tests Rs 200-205 levels in the short to medium term. Upmoves will face strong resistance near Rs 256-260/-.
Investors holding the stock may say 'NO' to YesBank for the time being!.
Happy (day) trading !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
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