Jai Ganesha!!
1) Yes Bank is India's newest and one of the fastest growing Private banks in India. In the last few months, the bank is in wrong news for all reasons - spat with ex-promoter's wife, RBI recent tightening measures have further dented the bank's profitability and global turmoil.
2) The stock has corrected by more than 60% in the last 3 months to 215. It has rebounded since then, and now trading at around 240. On looking at the charts for the last 5 days, one may see that stock is entering into narrow range and may consolidate (See fig below. Click to view larger image).
3) But citing the volatility prevailing in the index as well as Bank Nifty, we are playing on the break-out in the stock. The break-out levels have been identified as 247 Rs on the upside and 236 Rs on the downside (See image below. Click to view larger image).
4) If the stock break-outs above 247 Rs, buy the stock with target levels of Rs. 255 and then 272 Rs. Keep a stop loss at 236 Rs.
5) On the downside, if Yes Bank breaches 236 Rs, sell the stock for target levels of 224 Rs and then 208 Rs. Keep a stop loss at 247 Rs.
