View on Yes Bank share and performance of Nifty as index crossed 13000 for first time

Technical view on Yes Bank: Sumeet Bagadia, Executive Director, Research at Choice Broking explains that on a daily chart, Yes Bank stock has been trading in a tight range. The movement of the stock between the range of Rs 11 to Rs 15.50 since the last many sessions suggests a sideways movement only until and unless stock get either side breakout. 

Moreover, Yes Bank stock has been trading below its 21 Weeks Moving Average which is placed at Rs 16.45 level which shows a negative trend for the time being. A weekly momentum indicator RSI reading is at 39 level and has been trending in a sideward move since the last many days which points out a lack of momentum in the counter. Based on the above technical structure, Yes Bank stock may play its game between the range of Rs 11 to Rs 15.50 only until either side break takes place.

Nifty at 13000:

Ajit Mishra, VP - Research, Religare Broking highlights that the Nifty touched another milestone today as it crossed 13,000 for the first time and settled around the day’s high as well. The bias was upbeat from the beginning, thanks to the news of the successful trial of another COVID-19 vaccine with high efficacy. It hovered in a range in the middle while movement on the stock-specific front kept the participants busy.

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The broader markets too ended in positive in a range of 0.6-0.9. Except for Telecom, all the other sectoral indices witnessed healthy buying wherein Banking was the top gainer followed by Auto and Realty.
Markets are celebrating the successful vaccine trials, ignoring the recent spike in the cases. Indications are in the favour of the prevailing up move to extend further but the pace could be gradual. Religare reiterates our view to focus on the selection of sectors and stocks as we’re seeing rotational buying across the board.