Shares of YES Bank Ltd extended their gains on Tuesday as the private lender rose another 7 per cent early in the session. The stock has been gaining momentum among the trader fraternity at Dalal Street amid the heavy and above average trading volumes. Shares of YES Bank rose more than 7 per cent to Rs 21.70 during the trading session on Tuesday, commanding a total market capitalization close to Rs 62,500 crore. The stock has gained about 10 per cent in the last two sessions, while it is up 12 per cent in the last one-week period. YES Bank stock has surged about 55 per cent from its 52-week low at Rs 14.10, hit on October 23, 2023. The stock has gained 30 per cent in the last six months, while it continued to remain flat in the last one-year period. The stock hit its 52-week high at Rs 24.75 on December 14, 2022.
Also read: YES Bank shares jump 4% today; key technical levels to watch out for
YES Bank has shown a substantial improvement in its operations aided by strong CASA and retail deposits over the past few quarters. We believe that NIMs of the company would sustain in the medium term amidst the compression seen in the industry primarily due to its focus on the granularization of advances, said Shreyansh Shah, Research Analyst at StoxBox. "The capital infusion of around Rs. 6,000 crores in FY23 has provided the bank with growth avenues and shielded it from any credit losses. It is interesting to note that the bank's NPAs have remained stable in absolute terms, but it has been able to offset the slippages through recoveries and upgradation of bad accounts," he added while remaining positive with expectations to post better ratios. Readint the technical charts, analysts suggest that the stock is headed for a decent upside in the coming days. They suggest that investors can hold the existing long positions for the more upside in the counter, maintaining a strict stop loss. Since the last month, YES Bank has gained some quick momentum and placed near the Rs 20 mark. Recently, it took out its previous swing with huge volume and successfully sustained above it, said Jigar S Patel, Senior Manager - Technical Research, Anand Rathi Shares and Stock Brokers. "On the indicator front, daily DMI and RSI are hinting at a bullish bias in the counter. Thus, one can buy in the range of Rs 20–21 for a target of Rs 26 and a stop-loss of Rs 18 on a daily close basis," he said. YES Bank has recently picked up well from the bottom made near Rs 15.70 zone and recently has indicated a higher bottom formation pattern on the daily chart taking support near Rs 19-zone and with a decent pullback has given a breakout above 21.20 zone with decent volume participation witnessed, to improve the bias and sentiment, said Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher "Further ahead, the next target visible would be near Rs 24.50 zone of the previous peak level and with major support maintained near Rs 19 levels, one can carry on with the long position," he said.
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.
Also read: RVNL shares rise 4% as firm becomes lowest bidder for Rs 543-crore Indore Metro Rail project