Shares of YES Bank Ltd have climbed around 25 per cent in the past one year. Although, the stock has slipped nearly 26 per cent on a year-to-date (YTD) basis. It was last seen trading 0.06 per cent higher at Rs 16.06 today. At this price, it traded 35.11 per cent lower from its one-year high of Rs 24.75, a level seen on December 14 last year. That said, it has gained 27.87 per cent from its 52-week low of Rs 27.86, hit on July 1, 2022.
On technical setup, analysts largely felt that the stock looked 'bearish'. Support on the counter could be seen at Rs 15.70, followed by Rs 15, Rs 14.50 and Rs 14 levels.
Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One, said, "YES Bank is primarily in a downtrend and currently is hovering in a slender range on the daily charts, below the cluster of its major EMAs (Exponential Moving Averages). As far as levels are concerned, the stock is likely to face the immediate resistance of 200-SMA (Simple Moving Average), placed around the Rs 17-odd zone, followed by the bearish gap of Rs 18.60-19.65 in the comparable period. On the flip side, the support is seen around the Rs 15-14.50 zone, breaching which the price setup may get disrupted."
AR Ramachandran from Tips2trades said, "The stock has strong resistance around Rs 16-16.70 levels. A daily close above this resistance could lead to target of Rs 19.80 in the near term. Support will be at Rs 15.70."
Ravi Singh, Vice-President and Head of Research, Share India, said, "The outlook of YES bank is still gloomy amid the challenges the lender is facing. The stock may show some lower levels buying. However, investors should take this opportunity to exit the stock as there may be more correction in coming weeks which may push the counter further to Rs 15 levels."
Vaibhav Kaushik, Research Analyst at GCL Broking, said, "YES Bank has strong support near Rs 14 levels. So, 'buy on dips' is recommended for a target of Rs 19 over the short term."
VLA Ambala, Research Analyst at Stock Market Today, said, "YES Bank is trading at an important level of Rs 16 and right now it's looking bearish. So, it is better to wait for the breakout above its resistance for any fresh long positions. If holding already then trailing stop loss should be placed at Rs 14. If the price sustains above Rs 16.50 (closing basis), targets would be between Rs 18 and Rs 22."
The counter's 14-day relative strength index (RSI) came at 48.85. 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 64.33. It has a price-to-book (P/B) value of 1.13.
YES Bank has a one-year beta of 1.05, indicating average volatility.
Further, rating agency Moody's maintained its ratings of four of YES Bank's instruments while assigning its credit outlook on the private lender 'stable'. Moody's re-affirmed its long-term foreign currency issuer rating for YES Bank at Ba3, long-term (local and foreign currency) deposit rating at Ba3, baseline credit assessment (BCA) and adjusted BCA at b1 and senior unsecured (Foreign Currency) medium-term note program at (P)Ba3.
Moody's noted that YES Bank's funding and liquidity also improved as its deposits grew. The lender's average liquidity coverage ratio rose to 119 per cent for the March quarter from 115 per cent in the year-ago quarter.
Also read: Adani Enterprises, Adani Power, Adani Ports shares gain; group m-cap tops Rs 10,00,000 crore mark
Also read: Multibagger stock: Titagarh Rail shares jump 5% on Rs 857 crore order win, extend YTD gains to 130%