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Nifty’s daily trend is bullish to sideways. The RSI for weekly, monthly and daily are showing bullish momentum, however, it has shown some corrections in the price. Based on option chain analysis, the range is between 21000 and 22000. Let’s plan a trade around this.
The stock rose from Rs 1081 as on 17th November 2023 to Rs 1307 recorded on 19 December 2023 which translates into an upside of over 20% in a month. The stock hit a record high of Rs 1337 on 19 December.
The stock rose by about 10% in a week which helped the stock to break out from an Inverse Head & Shoulder pattern on the weekly charts. The neckline of the pattern was placed around 6100 levels.
YES Bank has witnessed a decent gain, as it moved past the previous resistance zone of Rs 22.40 and improved its bias along with rising volume participation.
For today, analyst Rupak De, LKP Securities said that the prevailing sentiment appears strongly in favor of the bulls, as indicated by the absence of any reversal signals on the technical charts. Resistance is observed at 21,500, while a potential further rally in the Nifty could occur upon breaching this level, he said, adding that the support is currently positioned at 21,300.