Stock calls by HDFC Securities: Sell YES Bank, M&M Financial Services

Nifty outlook and technical calls by Vinay Rajani, Technical Analyst, HDFC Securities for today:

Nifty View

Nifty plunged for the second consecutive session, breaching 11300, to close at 11288. Nifty has lost 2.60% in the last two sessions, which is the highest two day % fall in last 7 months. We expect Nifty to found support somewhere between 11170 and 11210. Resistance for Nifty is now shifted downward to 11400. The outlook for markets remains bearish for the short term. Nifty Private bank Index has breached the crucial support of 15390 and likely to extend the losses further. 

Sell YES Bank 
CMP: Rs 316.60
Target: Rs 300
Stop-loss: Rs 330

The stock has breached the crucial support of 200 DMA, currently placed at 337. Stock has also closed below its previous two bottoms on the daily chats. Price has fallen with rising volumes. Oscillators and Indicators are showing weakness on the charts.  We recommend selling Yes bank for the downside target of 300, keeping SL at 330.

Sell M&M Financial Services
CMP: Rs 439.20
Target Rs. 418
Stop-loss Rs 455

The stock has breached the crucial support of 200 DMA, currently placed at 466. Stock has also closed below its previous two bottoms on the daily chats. Price has fallen with rising volumes. Stock has violated the support of the upward sloping trend line on the daily charts. Oscillators and Indicators are showing weakness on the charts.  We recommend selling M&M Finance for the downside target of 418, keeping SL at 455.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.


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