YES Bank shares plunged 30% in 2023 so far. Can this banking stock stage rebound?

YES Bank took a sharp beating so far this year as the private lender lost 29.65 per cent in terms of the share price. The stock has slipped 2.68 per cent in the past one month. The scrip has declined 38.47 per cent from its 52-week high of Rs 24.75, hit on December 14 last year. That said, it has gained 24.23 per cent from its one-year low of Rs 12.26, a level seen on June 20, 2022. The counter witnessed a marginal rise on Tuesday as it settled 0.26 per cent higher at Rs 15.23.

Analysts suggested that support on the counter could be seen around the Rs 14-14.50 zone, while the stock may face resistance near Rs 16.70, followed by Rs 16.50 and Rs 16 levels. One of the analysts advised avoiding the stock at current levels, while another didn't recommend any fresh longs.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "At the current juncture, Rs 14.40 would be a crucial level for the stock. A close below the said level will drag the counter toward Rs 13.50. As of now, fresh longs are not recommended."

Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One, said, "Technically, the stock is looking weak. Immediate support is around the Rs 14-14.50 zone while resistance could be seen around the Rs 16.50-odd zone."

Pravesh Gour, Senior Technical Analyst, Swastika Investmart, said, "On the higher side, Rs 16.50 is acting as an important resistance level. Above this, we can expect the Rs 18 level in the near-short term. On the lower side, Rs 14 will act as major support during any correction. Investors and traders should avoid it for now."

AR Ramachandran from Tips2trades said, "YES Bank has a strong resistance zone at Rs 16-16.70. A daily close above this resistance could lead to a target of Rs 19.80 in the near term. Support will be at Rs 14.40."

YES Bank has an averag target price of Rs 19.30, Trendlyne data showed, suggesting a potential upside of 26.97 per cent. The scrip has a one-year beta of 1.17, indicating high volatility.

The stock traded higher than the 5-day moving averages but lower than 20-day, 50-day, 100-day and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 42.01. 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 49.50.

YES Bank's total loans and advances increased to Rs 2,01,523 crore in the March 2023 quarter (Q4 FY23), recording an increase of 5.20 per cent, sequentially, and 11.30 per cent in a year. The private lender's total deposits jumped 10.60 per cent, year-on-year (YoY), to Rs 2,18,018 crore in Q4 FY23. On a quarter-on-quarter (Q0Q) basis, total deposits grew 2.10 per cent to Rs 2,18,018 crore.

A three-year mandatory lock-in period that barred investors from selling YES Bank stock they had acquired as part of the lender's restructuring expired last month. In March 2020, the Reserve Bank of India (RBI) superseded the lender's board due to the bank's issues with deteriorating asset quality, inadequate capital and losses.

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