Post Brexit, our main concern is that whether FII will shed their exposure in Indian markets. Yes Bank may give us some clue. Foreigners are holding 41.25% as per latest shareholding pattern on March' 2016. This is one among the highest foreign exposure in an individual stock. So, if we follow the price movement of Yes Bank, we may get an idea of what is going to happen. In a nutshell bullishness in Yes Bank will signal good health of the overall market and vice-versa.
According to charts, Yes Bank is moving in an easy identifiable upward channel. It is amazing to notice such a strong upward movement bordered by two imaginary parallel lines.Current value of lower end of the channel is 1075. Stay and close below 1070 may signal weakness but not necessarily downtrend. Break below 1035 will be bearish for Yes Bank with an important level of 1060 in between.. As per our earlier discussions, the overall market may turn bearish. Obviously, there are levels for Nifty and Bank Nifty to watch, but wee need to be cautious in the mentioned scenario.
On the other hand as long as Yes Bank keeps maintaining above 1035, we may conclude that FII confidence in India remains positive.
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
According to charts, Yes Bank is moving in an easy identifiable upward channel. It is amazing to notice such a strong upward movement bordered by two imaginary parallel lines.Current value of lower end of the channel is 1075. Stay and close below 1070 may signal weakness but not necessarily downtrend. Break below 1035 will be bearish for Yes Bank with an important level of 1060 in between.. As per our earlier discussions, the overall market may turn bearish. Obviously, there are levels for Nifty and Bank Nifty to watch, but wee need to be cautious in the mentioned scenario.
On the other hand as long as Yes Bank keeps maintaining above 1035, we may conclude that FII confidence in India remains positive.
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
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