YES Bank shares down 27% from 52-week high; what's next on technical charts?

Shares of YES Bank on Friday edged 0.04 per cent higher to settle at Rs 23.82. At this closing price, the private lender's stock has declined 27.40 per cent from its one-year high price of Rs 32.81, hit earlier this year on February 9. Despite the mentioned drop, the scrip has moved 48.13 per cent up in the past one year.

Around 1.50 crore shares changed hands on BSE today. The figure was lower than the two-week average volume of 2.87 crore shares. Turnover on the counter came at Rs 35.76 crore, commanding a market capitalisation (m-cap) of Rs 74,634.07 crore.

On technical setup, support on the counter could be seen at Rs 23. And, resistance may be found at Rs 24.65, followed by Rs 26 and Rs 27 levels. With that being said, an analyst suggested that the stock looked weak on daily charts and could slip towards the Rs 20 zone.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "YES Bank has again cooled off to its consolidation zone on daily charts. The stock has a broad range of Rs 21-27, and a decisive breakthrough could only dictate the next leg of the trend in the counter."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 23 and resistance at Rs 24.65. A decisive close above Rs 24.65 level may trigger a further upside towards Rs 26. The expected trading range will be between Rs 21 and Rs 27 a month."

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, pointed out that the stock didn't look good on charts. "It can slip towards Rs 20 level in the near term. Resistance will be at Rs 26," he stated.

The counter traded higher than the 5-day, 10-, 20-, 30-, 150-day and 200-day simple moving averages (SMAs) but lower than the 50-day and 100-day SMAs. The counter's 14-day relative strength index (RSI) came at 54.14. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 59.63 against a price-to-book (P/B) value of 1.77. Earnings per share (EPS) stood at 0.40 with a return on equity of 2.97.