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Alpha India EE – Yes Bank and Corporation Bank
Orpheus Capitals, May 2011, Pages: 8
Yes Bank and Corporation Bank
We continue our analysis of the best potential shorts list with two best performer Banking stocks, Yes Bank and Corporation Bank. We plotted the best and worst performers of the Indian Early Economic sector (best ranked above 80%, worst ranked sub 20% - slide 1) and came up with a list of 25 best performers and 8 worst performers. 12 out of the 25 best potential shorts are Banking stocks. Yes Bank and Corporation Bank are both ranked above 90% and seem to be pushing lower from these extreme rankings. The Jiseki cycles are negative in both cases and confirm further downmove on the price structure (slides 3 and 5). Yes Bank made a head and shoulders continuation pattern and is now retesting the neckline at 300(slide 2). The intermediate structure looks like a head and shoulders reversal for both stocks. Corporation Bank has already broken the neckline and looks ready to break previous minor supports also at 500 levels. Both stocks have over reactive daily RSI structures and should push lower from current levels. The market bias remains negative as NIFTY is retesting true trendline resistances near 5,500 levels. Sub respective resistances we continue to look lower till our first target at 5,200.
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