YesBank to Correct Further ??

Yes Bank has been range bound between 780- 890  since the beginning of this year and has seen profit booking at the higher level of the range.  The stock tripled from the lows of 2014 at 300 to touch a high of 900 during 2015.

Yes Bank has been showing weakness on the medium and short term charts and continues to trade below weekly 20EMA  at  824 and is likely to correct further to 680-670 levels in the medium term.

However, in the event  it remains within the established range throughout the correction period, expect a blow out rally in a few months.

YesBank - Weekly