Yes Bank shares extend gains, jump 9% in two straight sessions

Shares of private lender Yes Bank surged 7.04 per cent in Monday's trade, extending their gains for the second straight session. The stock hit a day high of Rs 22.05 over its previous close of Rs 20.60. The scrip has jumped 9.43 per cent in two sessions against a closing of Rs 20.15 on December 29 last year. Support on the counter is seen at Rs 19.8-20 zone, analysts said.

Yes Bank's stock has moved 7.16 per cent in the last five days. The private lender, which started 2023 on a high note, recorded 54.23 per cent gains last year.

A total of 3.04 crore shares changed hands today with a turnover of Rs 65.51 crore. The lender's market capitalisation (m-cap) stood at Rs 62,393.41.

On BSE, there were 1,02,60,005 sell orders against 37,04,241 buy orders. On NSE, 31.85 crore shares were traded for a value of Rs 686.35 crore.

The stock was last seen trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages today.

Yes Bank's 14-day relative strength index (RSI) came at 61.79. 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 53.98.

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"In the last couple of weeks, we have seen wild swings in this counter, and volume activities have definitely picked up. As of now, the momentum is on the positive side and considering a fresh buy signal in the RSI Smoothened indicator a further upside can be expected. In addition, we are also seeing strong positive traction from mid-size private banks that support the bullish view," said Rajesh Bhosale, Technical Analyst at Angel One.

Resistance on the counter is seen around Rs 23.10 followed by Rs 24.75 whereas immediate support is seen around Rs 20, Bhosale added.

"Yes Bank looks bullish but could face stiff resistance at Rs 22.55. A daily close above this level should lead to Rs 25.35-27 in the coming days. Strong support will be at Rs 19.8," said A R Ramachandran from Tips2trades.

The Rs 18–25 is a well-defined trading range in the near term, and any decisive move from this zone will dictate further direction, said Santosh Meena, Head of Research at Swastika Investmart.

On the earnings front, the private sector lender reported a 32 per cent year-on-year (YoY) increase in the net interest income (NII) to Rs 1,991 crore for the second quarter of the current fiscal. NII came at Rs 1,512 crore in the year-ago period.

However, Yes Bank's profit for the September quarter slipped 32 per cent (YoY) to Rs 152.82 crore from Rs 225.5 crore posted in the same quarter of 2021.

Meanwhile, Indian equity benchmarks started the year on a high note, led by gains in metal stocks.

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