YES Bank shares halt 3-day fall, jump 5% today; here's what analysts say

Shares of YES Bank Ltd rose sharply in Thursday's trade, pausing their three-day losing run. The stock surged 5.63 per cent to hit an intraday high of Rs 20.28 over its previous close of Rs 19.20. It eventually settled 4.95 per cent higher at Rs 20.15. At this closing price, the scrip has gained 42.91 per cent from its 52-week low of Rs 14.10, a level seen on October 23, 2023. And, it was 18.59 per cent away from its one-year high price of Rs 24.75, hit on December 14 last year.

The private lender has recently appointed Tushar Patankar as its chief risk officer (CRO) for a three-year period, effective from December 1, 2023.

Technical analysts said support on the counter could be seen around Rs 17-18 levels. On the higher side, immediate resistance is placed at Rs 21 and only a decisive close above the said level can give the stock further push.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Since the last couple of weeks, YES Bank has gained some quick momentum. Technical indicators are hinting at a bullish bias. Thus, one can buy in the range of Rs 19.5-20.5 for a target of Rs 27 with a stop loss of Rs 17."

AR Ramachandran from Tips2trades said, "YES Bank is slightly bullish on daily charts with next resistance at Rs 21.1. A daily close above this resistance could lead to target of Rs 23.9 in the near term. Support will be at Rs 18.15."

The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 66.06. 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 67.20 against a price-to-book (P/B) value of 1.33.

The scrip has an analyst target price of Rs 15, Trendlyne data showed, suggesting a potential downside of 24 per cent in a year.

On BSE, around 5.20 crore shares changed hands today. The figure was lower than the two-week average volume of 6.13 crore shares. Turnover on the counter came at Rs 102.91 crore, commanding a market capitalisation (m-cap) of Rs 57,948.55 crore.

(Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)

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