Yes Bank Surges 60%; Here's market prediction today

Today’s Action Nifty, -2.5%; Sensex, -2.6%; Nifty Midcap, -2.5%; Nifty Smallcap, -3.0%; Model Portfolio, 0% Daily Market Review Market Pulse: Rally Attempt Nifty opened higher and made an intraday high of 9,403. However, in the second half, the index succumbed to selling pressure, breaching 9,000 level. The volatility index continues to rise further and is at record levels since 2008. Brent crude fell around $2.89 to $30.9 a barrel, after last week’s plunge of 25%, which was the largest weekly fall since 2008. The US West Texas Intermediate (WTI) was trading below $30 per barrel. On the sectoral front, barring Nifty FMCG (+1.1%) and Pharma (+0.7%), all the indices closed lower. Nifty Media (-5.3%) and Financial Services (-4.6%) were the major decliners. Advance-Decline ratio was highly skewed toward decliners. Of 2,141 stocks traded, 621 advanced, 1,206 declined, and the remaining traded flat. Market status was changed to a Rally Attempt: Friday’s session was considered as a day one of an attempted rally as the market closed in positive territory. Nifty managed to stay above Friday’s low of 8,555, yesterday as well as today. As today’s action qualifies as day three of an attempted rally, we changed the market status to a  Rally Attempt from a  Downtrend. We continue to suggest a cautious approach until the general market conditions improve. Most of the stocks continue to take on technical damage with many moving deeper into their respective bases and breaking below logical levels of support. Without trying to predict and decode stories, we will take what the market gives us and continue to monitor unfolding conditions. We will continue to monitor quality ideas with rising relative strength lines and superior fundamentals that could be set up to buy when and if the market begins to stabilize. Key News Continue reading with a MarketSmith India Premium subscription… To Read Detailed Reports including Stock Recommendations, Idea Lists, Evaluate Stocks etc. Subscribe to MarketSmith India Disclaimer: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. It is for educational purposes only.