Your Stock Portfolio: YES Bank in sideways movement

Investors can take exposure as long as the stock trades above ₹280 with a stop-loss at ₹270

 

Here are answers to readers’ queries on the performance of their stock holdings.

What are the short-, medium- and long-term targets for YES Bank?

Srinivas, Virendra sharma, Mahesh V H

YES Bank (₹350): The long-term trend is up for the stock. However, after recording a new high at ₹383 in last September, the stock turned volatile and started to move sideways. Since last July, the stock appears to be in a sideways consolidation phase in the wide range between ₹300 and ₹380. Within this range, the stock is in a short-term uptrend, which is currently weakening after last week’s sharp sell-off in the broader market as well as Bank Nifty. The stock fell 3.7 per cent in the previous week. It has an immediate support in the ₹330-₹340 band and next supports at ₹315 and ₹300 levels.

A slump below ₹340 will alter the short-term uptrend and drag the stock down to ₹300 in the medium term.

Further, a decline below ₹300 will bring back bearish momentum and drag the stock down to ₹280 levels, which is the subsequent medium-term support level to note.

That said, the long-term uptrend will begin to weaken only if the stock plunges below the vital base level of ₹280. Such a downward break can drag the stock down to ₹240 and then to ₹220 levels in the long run. Investors with a long-term perspective can take exposure as long as the stock trades above ₹280 with a stop-loss at ₹270 levels.

On the other hand, if the stock manages to take support at ₹300 and continues to trade in the sideways phase, there is possibility that the long-term uptrend can resume.

An emphatic rally above ₹365 can take the stock higher to ₹380 levels in the medium term. Breakthrough of the key barrier at ₹380 can push the stock higher to ₹400 levels.

What is the outlook for Balrampur Chini Mills?

Prateek Kapoor

Balrampur Chini Mills (₹111.6): Since encountering a key resistance at ₹180 in September 2017, the stock has been in an intermediate-term downtrend. It fell steeply in mid-January this year, breaking a key base level at around ₹132. Strengthening the downtrend, the stock tumbled 8.7 per cent last week.

Short-term outlook is bearish for the stock. It can extend its downtrend and test support in the ₹100-102 band. Key resistances are at ₹120 and ₹132. A strong rally above ₹145 is needed to alter the downtrend and take the stock higher to ₹155.

Send your queries to techtrail@thehindu.co.in

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