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In today’s analysis, we delve into three prominent stocks: Yes Bank (NS:), Wipro (NS:), and Tata Motors (NS:). However, I will only look into Yes Bank via this article. This is as I have chosen to look at Tata Motors and Wipro via a YouTube video attached below. I have done so as I have analyzed these two equities through the lens of an FNO trader rather than an investor. This is because both names will give option buyers and sellers a decent money-making opportunity in the coming week. Lastly, before I delve into Yes Bank, I would like to inform you that I hold the stock with an entry price of Rs. 16.15.
Now let’s kick off with Yes Bank. I chose to discuss the stock as I believe it has reached an important juncture. This is because the stock is presently doing an intricate dance on the daily and weekly charts. I say this as on the weekly chart, the equity is currently grappling with the challenge of breaking above the 200-day moving average. However, on the other hand, the equity has nearly concluded the task of filling a major gap down zone that was created during the week ending January 16, 2023. Therefore, if it can do so, then this would open up investors to a sizeable opportunity.
Now, coming to how I see it trading in the short term. In the coming sessions, I expect the equity to trade within a box range which will help shake off the weak hands. I expect the box range to take support from my quantitative support zone at Rs. 17.9. While on the resistance front, I expect my quantitative resistance zone at Rs. 19.5 to do the job. However, I expect the box range to be a temporary hurdle to the equity. This is because, in the medium term, I expect Yes Bank to break through the resistance at Rs. 19.5. Thus, if the stock is able to do so, then my medium-term targets for the stock are at Rs. 22.65 and Rs. 27.2. Hence, owing to this, I plan to continue maintaining my position with a cost-based stop. This is because the reward presently outweighs the risk.
In summation, Yes Bank finds itself at a pivotal crossroads. This is because the stock not only has to overcome the technical resistances on the chart but also the ones ingrained in its chequered history. This is because any retail investor thinking of entering Yes Bank will have a fear of the stock due to its beleaguered past. I say this as Yes Bank is a financial institution that was broken on the fundamental front in a very public manner. Thus in turn had translated into equity having a fall for the history books. Nevertheless, I now feel that things are turning positive for equity. Lastly, I encourage you to watch the attached YouTube video, where I dissect the prospects for FNO traders in Wipro and Tata Motors in the coming week.
Disclaimer: The investments discussed by Sandeep Singh Ahluwalia may not be suitable for all investors. Thus, you must trust your analysis and judgment before making investment decisions. The report provided is for informational purposes only and should not be interpreted as a proposition to buy or sell any securities.
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