Shares of YES Bank Ltd extended its gains by another 5 per cent during the trading session on Tuesday to hit new 52-week highs. The stock topped Rs 23 mark during the trading session amid multiple news flows related to receipt from a trust in the security receipts portfolio and GST notices ahead of its business updates for the December 2023 quarter. Shares of YES Bank rose about 4.71 per cent to Rs 23.71 on Tuesday, commanding a total market capitalization close to Rs 68,200 crore. However, the stock gave up its gains partially. The private lender settled at Rs 22.64 in the previous trading session on Monday.Shares of YES Bank have surged about 68 per cent from its 52-week low at Rs 14.10 hit on October 23, 2023. The stock is up 20 per cent in the last month, while it is up 42 per cent in the last six months period. However, the stock has remained flat, up by only 6 per cent, in the last one year period. Technical analysts, tracking the charts of YES Bank, expect the lender to continue the momentum in the near term and scale new highs. Some experts see Rs 26-28 in the counter, while others expect the stock even may scale Rs 30-levels. However, they advise investors to respect the support levels in the stock. The YES Bank stock saw a fresh breakout at Rs 23, said Ganesh Dongre, Senior Manager - Technical Research, Anand Rathi Shares and Stock Brokers. The analyst said that the stock is in a continued rally from Rs 19 to Rs 23. "So, at the current juncture, the stock has again seen a bullish candlestick pattern formation at the Rs 23 price level, which may continue its rally till its next resistance level of Rs 26. Traders can hold this stock with a stop loss of Rs 19 for the target price of Rs 26 in the upcoming weeks," he said. YES Bank shares have hit a new 52-high, paving the way for more upside towards Rs 27 and Rs 30 levels, said Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox. "Stability over the 200-weekly moving average has sparked a bullish bias for the stock. Hereon, every healthy correction shall see accumulation from a medium-term perspective," he said. The key support exists at Rs 20 mark. The strength indicator, Relative Strength Index has yet to enter the overbought category, signalling more room for upside. As per daily chart, the price action is moving upward with 'higher high, higher low' formation, a bullish set aim at reaching fresh upside levels, Bagkar added. "The bank would like to inform you that it has received Rs 150 crores from a single trust in the security receipts portfolio. Since this 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," said the exchange filing on Sunday. YES has picked up in the last two months with recently having two instance of higher lows formation pattern on the daily chart has improved the bias and further rise is anticipated once a decisive breach above 23 zone is confirmed, said Shiju Koothupalakkal - Technical Research Analyst at Prabhudas Lilladher.
"The next targets visible are Rs 24.75 and thereafter Rs 28.50 levels with strength sustaining but at the same time, from current levels, a decisive breach below 20 zone shall again weaken the bias to anticipate further slide," he added.
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