YES Bank: Avoid shorting the stock at current levels
The private sector lender witnessed a selloff on August 28 after Moody's downgraded its credit rating with a negative outlook, citing lower-than-expected capital raising.
The stock has been falling for some time now and hit a fresh lifetime low at Rs 53.2 on August 22 . On the charts, it is weak, with RSI placed at 37.2 and negative divergence indication by MACD is not encouraging for buyers.
But, with STOCHRSI(14) is indicating it to be in the oversold zone, and the high volatility witnessed in the recent past makes it a risky stock to short at these levels. I would suggest short-term traders to avoid this for now.