Yes Bank on Bull Momentum Post Announcement of Overdraft Facility for MSME based on GST

Shares of Yes bank ltd is currently trading with 1% increase in value and has been on bull run for for three consecutive trading session post announcing launch of GST backed over draft facility for MSMEs upto INR 1 Crore. The scrip is currently trading in NSE at 311.25 per share with 1.09% increase in value after hitting an intra-day high of 313.70. RSI indicator which is used to measure the momentum of stock based on speed of change in stock price regardless of direction in which price moves is currently in range of 38 to 56 as the signal line continues to move in neutral region with a slight upward incline supportive of existing momentum for upward price growth.

Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day and daily charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day & daily charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 303.89 & 320.65 respectively.

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