Good time to go long for a positional trade. SL below 325 on closing basis. Then just wait for a surge up. Targets could be 341/351/365/370 etc (futures prices July contract).
- Yes has been taking support at the 100 MA for the past 4-5 weeks. - Stochastics look good. - MACD (daily chart) showing signs of a bullish crossover - Inverted Head & Shoulder formation still valid with price at the shoulder currently. Neckline is at about 370 (futures price July contract)
Ref to:
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Long since 329 (futures July contract)
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I have been looking closely at Yes Bank for about 2-3 weeks now and am building up long positions in the spot and futures markets.
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Yes Bank is moving beautifully. Someone who went long the moment I posted would be making about 7000 profit in the futures market. My long positions in spot and futures are working out very well.
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341 - first target. Still holding. Mine is a positional trade
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SL for the next few days could be below 327.4 (July contract prices) Targets: 351/358/365/370/380
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Highest Open Interest addition is at 330 & 350/360 (spot prices). These could be the basis for setting SL & Targets for Monday 2nd July.
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Targets for 2nd July: T1 = 346 T2 = 351 T3 = 355
(Futures July Contract prices)
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Holding long position
Trade closed manually
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Closed @ 346 futures price. Will re-enter depending on price action
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Long again @ 348.5 futures price
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Target 1 & 2 achieved in futures. Holding long position
Trade closed: target reached
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Closed @ 258 (futures)
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Entered long again in futures @ 357 T1= 367 T2= 373 T3= 380/383
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T1 367 achieved in futures. Holding long position
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Next targets (futures): 369 & 378-381
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Highest Call OI: 380 (spot) Highest Call OI Additions: 390
Highest Put OI: 340 Highest Put OI Additions: 350 followed by 360
These (spot prices) could form the basis of SL/Targets going forward
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Target: 369 (futures) achieved. Holding long position
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Yes Bank has broken the highs of Jan & Apr 2018
Target for today: 377 (July futures)
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Reduced target to 372
Trade closed: target reached
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Closed @ 272 (July futures) 26k per lot on multiple lots. Good trade...
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I never ride momentum. I prefer positional trading at the tops and bottoms of trends. In Yes Bank one rode almost 30 points since June 28th. That's about 50k per futures lot. And I trade in more than one lot if I am convinced about my analysis and the actual price action. Feels good to have caught the trend when it was still consolidating.
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T3 380 achieved in July Futures
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Yes Bank is in the overbought phase as suggested by candle structure, stochastics, RSI etc. Levels I am monitoring before going long again are:
372/363/356 (July Futures prices)
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Yes Bank has formed a Double Top. Low risk short with SL above recent tops. Targets: 373/365/358
Trade active
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Shorted @ 384 (July Futures)
Trade closed manually
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Closed SL hit at 386
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Entered Long in July Futures
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Yes Bank has climbed almost 60 points since I posted this analysis. In futures that would be worth just over Rs 1 lakh