YES Bank shares jump 3% today; check key supports and resistance levels

Shares of YES Bank Ltd rose during the trading session on Monday after the private lender disclosed receipt of an amount from a trust in the security receipts portfolio. The company informed about the same through an exchange filing over the weekend.

"This is with reference to our earlier disclosure pertaining to sale of NPA Portfolio to JC Flower ARC on December 17, 2022. In this regard, the Bank would like to inform that it has received Rs 366 crore from a single trust in the Security Receipts Portfolio," said YES Bank in an exchange filing on Saturday, March 30, 2024.

"Since the amount (in excess of the underlying carrying value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event is being hereby disclosed under Regulations 30 of Listing Regulations," the filing added.

Shares of YES Bank rose more than 2.7 per cent to Rs 23.82 on Monday, commanding a total market capitalization of more than Rs 68,000 crore. The scrip had settled at Rs 23.20 on Thursday. The lender has delivered a return of more than 55 per cent in the last one-year period.

"We have seen a fresh breakout in YES Bank around Rs 23. The stock has reached a recent low of Rs 19, said Ganesh Dongre, Senior Manager - Technical Research, Anand Rathi Shares and Stock Brokers

"So, at the current juncture, it has again seen a reversal in price action and bullish candlestick pattern formation at the Rs 20–23level, which may continue its rally till its next resistance level of Rs 27. So, traders can hold and buy this stock with a stop loss of Rs 18 for the target price of Rs 27 in the upcoming weeks," he said.

The present scenario for the shares of Yes Bank depicts sideways trend, as the price manages to hold the downside bias towards its key support of the 200-daily moving average (DMA) placed at Rs 20 mark, said Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox

"To breakout on the upside, the stock must surpass the immediate hurdle of Rs 25, its 50-DMA, as per the daily chart. When that occurs, the price is expected to scale the 30-mark. Immediate support comes to Rs 22 mark, which upon breakdown could see price heading towards Rs 20 mark," he said.