YES Bank shares down 7% in two sessions; here's what technical charts hint at

Shares of YES Bank Ltd on Monday extended their fall for the second straight session. The stock slipped 4.64 per cent to settle at Rs 27.10. At today's closing price, it has dropped 6.55 per cent in two trading days. Trading volume on the scrip was massive as 18.72 crore shares changed hands on BSE today. The figure was higher than the two-week average volume of 14.11 crore shares. Turnover on the stock came at Rs 511.04 crore, commanding a market capitalisation (m-cap) of Rs 77,948.63 crore.

The private lender's counter recently saw a couple of bulk deals. CA Basque Investments -- a US-based Carlyle Group entity -- has sold 39,00,00,000 YES Bank shares, or 1.35 per cent stake, at an average price of Rs 27.10 per share, BSE bulk deal data showed. The Carlyle firm held 6.43 per cent stake in YES Bank, as of December 31, 2023. The figure has now reduced to 5.08 per cent.

Separately, Morgan Stanley Asia (Singapore) PTE has purchased 30,63,05,668 shares at Rs 27.10 a piece, BSE data stated.

On technical setup, support on the counter could be seen at Rs 26. And, resistance may be found around the Rs 32 zone.

"The stock has witnessed a decent rally. Currently, it has been consolidating, swinging between the 27-29 zone. Near-term support is now placed at Rs 26 level. On the higher side, only a decisive breach above Rs 32 can trigger a fresh breakout," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. YES Bank's stock has gained 60.07 per cent in the last six months.

"The stock price looks bearish on daily charts with strong resistance at Rs 32. Investors should book profits at current levels as a daily close below support of Rs 26 could induce more pain," said AR Ramachandran from Tips2trades.

The counter traded lower than the 5-day and 10-day simple moving averages (SMAs) but higher than the 20-day, 30-, 50-, 100-, 150-day and 200-day SMAs. Its 14-day relative strength index (RSI) came at 53.61. 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 77.82 against a price-to-book (P/B) value of 1.88. The private bank's earnings per share (EPS) stood at 0.35.

Bourses BSE and NSE have put the securities of YES Bank under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

Also read | 740% jump in Q3 net profit! This multibagger stock turned Rs 1 lakh to over Rs 18 lakh in just 1 year

Also read | Jupiter Wagons shares jump 7% on dividend announcement. Details here