Yes Bank share price: Buy with target of Rs 18 and Rs 21 with stop loss of Rs 13

Yes Bank share price: Sumeet Bagadia, Executive Director of Choice Broking recommends buying into Yes Bank @ 16.30 and up to 15.80 with a stop loss of Rs 13 and target of Rs 18 and Rs 21. After giving a healthy correction, Yes Bank stock has given a breakout of its “Downward Sloping Trend line” which indicates an upside move in the counter. On a daily chart, Yes Bank stock is giving a breakout of its “Consolidation Phase” as well as it is trading above its 21-Days Exponential Moving Average which is placed at Rs 15.55 level which indicates that the stock could see a northward movement in the stock. Yes Bank share price today is Rs 16.05, down Rs 0.25 or 1.5%.
 
Furthermore, Yes Bank has confirmed Inverted Hammer Candlestick Pattern on a daily chart which suggests a northward journey in upcoming sessions. Moreover, momentum indicator RSI (14) has bounced from the oversold levels and has started accelerating which indicates expectation of upper levels in the near term. Based on the above technical structure, expectations are for an upside movement in the Yes Bank in upcoming sessions.
 

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The Nifty had started recovering from the 61.8% retracement of the entire rise seen in February as well as from the lower end of a Wedge pattern. The positive momentum continued on March 30. As a result, the index opened gap up and broke out from the Wedge pattern on the upside. The index also witnessed follow-through buying resulting in a sustained rise. The Nifty fell marginally short of the swing high of 14878. Going ahead, 14900-15000 will be the crucial area to watch out for. Once that gets taken out, the index will be considered to have resumed the larger uptrend and will be set to test the high of 15431
 
On the daily chart, the Nifty is above the 20-day moving average (DMA) and the 40-DEMA, of 14843 and 14709 respectively. The momentum indicator is bearish on the daily chart. On the hourly chart, the Nifty is above the 20-hour moving average (HMA) and the 40-HEMA, of 14564 and 14652, respectively. The hourly momentum indicator is bullish. Market breadth was positive with 1015 advances and 900 declines on the National Stock Exchange.