Shares of YES Bank Ltd on Wednesday surged 5.82 per cent to scale their one-year high level of Rs 25.63. At this price, the stock has gained 81.77 per cent from its 52-week low of Rs 14.10, a level seen on October 23 last year. On BSE, around 12.53 crore shares were seen changing hands today. The figure was higher than the two-week average volume of 7.28 crore shares. Turnover on the counter came at Rs 314.41 crore, commanding a market capitalisation (m-cap) of Rs 73,313.25 crore.
Last month, the private lender's counter was buzzing on reports of stressed assets sale. As of September 2023, the bank's gross bad loans stood at Rs 4,319 crore.
On technical setup, support for YES Bank could be seen at Rs 24, followed by Rs 23, Rs 22.3 and Rs 22 levels. On the higher side, the stock may climb up to Rs 31 level. That said, an analyst suggested to book profits at current levels.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has witnessed a decent rally in the last 2 months from Rs 16 zone and has currently indicated a breakout above the previous peak zone of Rs 24.75 to strengthen the overall trend. Now, with near-term support maintained near Rs 24 level, one can expect for next targets of Rs 27-31."
Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 22 and resistance at Rs 26. A decisive close above Rs 26 level may trigger a further upmove towards Rs 30. Expected trading range will be between Rs 21 and Rs 30 for a month."
AR Ramachandran from Tips2trades said, "YES Bank is overbought and bullish on daily charts with next resistance at Rs 27.65. Investors should book profits at current levels as a daily close below support of Rs 22.3 could lead to a target of Rs 19 in the near term."
DRS Finvest founder Ravi Singh said, "The stock may hit Rs 28 level in the near term. Keep stop loss placed at Rs 23."
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 76.12. 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 84.77 against a price-to-book (P/B) value of 1.68.
YES Bank shares eventually settled with 5.24 per cent gains at Rs 25.49 today.
(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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