Over the last eight trading sessions, YES Bank shares have surged by a significant 18%, sparking discussions about the stock’s potential to transgress the Rs.20 mark. Presently priced at Rs.18.77, the stock has seen a gain of 17.75% in this eight-day period. Despite this recent upswing, the stock has faced a 15% decline in the year 2023.
During the recent trading session on BSE, roughly 6.92 crore shares were traded, surpassing the two-week average volume of 3.05 crore shares. The turnover reached Rs.127.08 crore, contributing to a market capitalization of Rs.53,145.86 crore. Sell orders amounted to 1.65 crore, differing with buy orders of 39.82 lakh shares.
Technical analysts have noted that YES Bank shares encounter resistance in the Rs.19-20 range. A decisive breakthrough above this zone is supposedly necessary for a sustained upward trajectory in the near term.
Osho Krishan, Senior Research Analyst at Angel One emphasized that YES Bank has been consolidating in the Rs.15.20-18.50 range and requires a decisive breakthrough to escape this phase. Caution is advised as the stock is deposited near a resistance zone.
Jigar S Patel from Anand Rathi Shares and Stock Brokers mentioned a quick momentum gain in the stock, with significant resistance anticipated around Rs.19 and crucial support around Rs.16. If the stock closes above Rs.19, it could open doors for levels between Rs.21 and Rs.22 in the coming weeks.
On the bearish side, AR Ramachandran from Tips2 Trades stressed that YES Bank is bearish and overbought on daily charts. Investors are advised to bespeak profits, and a daily close below the support of Rs.17.95 could lead to a lower target of Rs.15.8 in the short term.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, emphasized the necessity of violating the Rs.19 zone for a sustained positive trend and anticipated further upward movement towards higher targets between Rs.22.50 and Rs.24.80, with support maintained near Rs.16.70-17. Ravi Singh, founder of DRS Finvest, suggested an upside target of Rs.20 for YES Bank shares, with a stop loss set at Rs.17.
While the stock presently trades higher than various moving averages, the 14-day relative strength index (RSI) is at 72.53, indicating overbought conditions. Analysts suggest careful consideration of the stock’s volatility and potential downsides, with a one-year target price of Rs.15, indicating a potential 17% downside.