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.

Alpha is a daily strategy signal product that gives trading and investment signals. Alpha is a numeric Ranking product based on TIME fractals. The signals are illustrated through tracker and running portfolios. Alpha can be used by fund managers for relative allocations, traders for leverage bets and high net worth clients for selective trades. Alpha is a part of the time triads analytics developed by Orpheus Research.
Coverage India: CNX100 traded stocks and Indian Indices.
Michesan Anna-Maria, Head of India Research. Anna discovered her interest of markets immediately after completing her graduate studies in Economics. She followed it up with post graduate studies in corporate finance. A host of research work in behavioral finance, option strategies and quantifying market sentiment followed. Anna covers Indian equity and combines Elliott, Time Fractals and Time Analytics to deliver accuracy across time frames. To review some of her work, check out the annual India accuracy report 2009.