YES Bank shares jumped 32% in the week to witness a breakout with strong volumes,indicating a significant base formation on the technical chart.
“The support for the stock is established at Rs 27,and any pullbacks towards this support level present an opportunity to initiate fresh long positions. Sustaining above the support at Rs 27 could potentially lead to further upside, with target levels around Rs 35/38,” said Kunal Shah, senior technical & derivative analyst at LKP Securities.
The recent earnings season brought a mixed bag of results, creating a tug-of-war between the bulls and the bears in the market. For a decisive move, the index needs to close above the 22,000 mark, potentially triggering short-covering rallies towards 22,600/23,000 levels. On the downside, the lower support is situated at 21,650, and a breach below this level could intensify selling pressure, pushing the index towards 21,400. Unless the mentioned levels are decisively breached on either side, the index might continue to consolidate in the near term.