Yes Bank and SBI: Technical Analysis for Traders and Investors

Sumeet recommends buying in SBI in cash at Rs 400 with stop loss at Rs 388 and target of Rs 425. On the daily chart, SBI has been trading in a bullish trend since the last many days with the positive bias which indicates good strength in the counter. Moreover, the stock has taken support at Middle Bollinger Band formation and 50 days Simple Moving Averages, which suggests bullish moves for the near term. SBi Share price today is Rs 388, down Rs 7.5 or 1.9%. Yes Bank share price today is Rs 16.8, up Rs 0.2 or 1.2%.

The spurt in volume activity has been noticed in the prior trading sessions, which point-out buying interest among the traders. A momentum indicator RSI (14) and Stochastic witnessed positive crossover, supporting the positive trend. So based on the above technical parameter, Sumeet is expecting a bullish move in SBIN for the target of Rs 420 – Rs 425.

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Sumeet says that on the daily timeframe, the stock has been trading in a Symmetrical Triangle pattern with sideways movement. However, the stock is showing some weakness and hovering near Middle Bollinger Band formation. The stock has a support of Rs 15.74 and resistance of Rs 16.90. A target of Rs 17.80 can be expected after the stock breaks its resistance. The MACD has a crossover towards a bullish side. Sumeet says market participants can expect recovery of the stock back into a bull trend.

On March 4, 2021, the benchmark indices opened with a gap-down of around 250 points in line with negative cues from global markets. The Nifty tried to recover and made a high at around 15235 levels in the second half. However, the Nifty faced resistance at higher levels and came down sharply due to selling pressure. Barring Nifty Media all sectoral indices closed in negative zone, falling by 1-2%. About 22.46 lakh shares were added in open interest with a decrease inprices this indicates that short build-up was observed by market participants. On the options front, the volatility index increased by 11.19%