03 Aug , 2022 By : Kanchan Joshi
Stock market today: After sharp upside rally in last three sessions, Yes Bank shares have taken a pause in early morning deals on Wednesday session. Yes Bank share price today opened with an upside gap but soon profit-booking triggered and the stock started falling from its intraday high of Rs17.50 apiece levels, just Rs0.40 away from its 52-week high of Rs17.90 levels that it climbed on Tuesday session.
According to stock market experts, Yes Bank shares have broken its previous 52-week high of Rs16.25 apiece levels and has been able to sustain above Rs16.25 apiece levels. They said that the stock has strong support zone around Rs15 apiece levels and it is a news-based stock with improved fundamentals. Experts said that high risk traders can take a bet on this dip keeping stop loss around Rs14.70 apiece levels for short to medium term targets of Rs19 and Rs22.
Speaking on the fundamentals of Yes Bank shares, Saurabh Jain, Vice President — Research at SMC Global Securities said, "From fundamental perspective, Yes Bank has reported improved numbers and market is buzz with speculations about new appointments. If that gets announced officially as we saw in the case of investment from Carlyle and Advent International, then Yes Bank shares may skyrocket as we saw in the last two to three sessions. However, it is still not a positional stock and high risk traders can bet on this banking stock keeping strict stop loss as the stock has a record of moving either side on single trigger in last few years."
On pivot levels in regard to Yes Bank shares, Ravi Singhal, CEO at GCL Securities said, "Yes Bank shares have managed to break its previous 52-week high of Rs16.25 and now it is sustaining above this mark. So, on chart patterns, it has taken strong support at Rs15 and any rebound from current levels may take this stock towards Rs18 to Rs19 levels in short term. So, high risk traders can bet on this banking stock maintaining strict stop loss at around Rs14.70 for immediate target of Rs19."
Ravi Singhal of GCL Securities went on to add that if the stock sustains above Rs17.90 levels, its current 52-week high in near term, then it may go up to Rs22 levels in short to medium term as the hawkish Reserve Bank of India (RBI) on interest rate is helping Indian banks including Yes Bank to improve its NIM (net Interest Margin).
Yes Bank share price history
In near one month time, Yes Bank share price is giving sharp upside moves on fund raise via investment from Carlyle and Advent International. Yes Bank shares have surged more than 11 per cent in last one week whereas it has logged more than 30 per cent rise in last one month.
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