Among the sectors which are likely to see profit booking is Banking - which has risen in recent weeks. And one stock which seems to be nearing the peak is YES BANK.
The price charts suggest that the positive results seem to have been factored in to the price and a medium term correction is due. I would not be surprised if a double top formation is formed on daily charts.
Keep an eye on 267 and a break below this level should trigger a selling / profit booking mode for a down target near to Rs 230/- levels. Keep a stoploss at 280.
As for other stocks, lot of sell signals being generated in my watch list . They will be discussed today at the ITG meeting.
Happy Trading !
CA Rajiv D Khatlawala
ValueTrade Academy
www.investogyan.com
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