YES Bank shares give up early gains; here are latest target prices

Shares of YES Bank Ltd gave up its early gains during the trading session on Wednesday after the initial uptick, post announcing its provisional quarterly updates for the June 2024 quarter. The private lender shared its quarterly earnings with the bourses on Tuesday, post market hours.

Shares of YES Bank rose about 2 per cent to Rs 24.30 during Wednesday's trading session. The private lenders was commanding a total market capitalization of more than Rs 76,000 crore. However, the stock gave up it gains to trade flat at Rs 23.90, near its previous close at Rs 23.86 on Tuesday.

In an exchange filing, YES Bank said its loans and advances for the June quarter jumped 14.8 per cent year-on-year (YoY) to Rs 2,29,920 crore in the June quarter from Rs 2,00,204 crore in the same quarter last year. The private lender will announce its earnings for the June 2024 quarter and the date has not been announced yet.

YES Bank said deposits for the quarter were up 20.8 per cent YoY to Rs 2,64,910 crore from Rs 2,19,369 crore in the same quarter last year. The filing said that the lender's deposit growth excluding CDs came in at 20.9 per cent YoY. On a quarterly basis, advances grew 0.9 per cent but deposits growth fell 0.5 per cent.

YES Bank said its CASA came in at Rs 81,405 crore for the June quarter, up 26.1 per cent over Rs 64,568 in the same quarter last year. CASA ratio stood at 30.7 per cent in Q1 against 30.9 per cent in Q4FY24 and 29.4 per cent in the Q1FY24, added the filing with the bourses.

Shares of YES Bank are trading 70 per cent above its 52-week lows at Rs 14.10 hit in October 2023. On the other hand, the stock is 28 per cent down from its 52-week high at Rs 32.81 hit in February 2024. The stock is merely 6 per cent up in 2024 so far.

Technical analysts, reading the charts of YES Bank, said that the company has been trading in a consolidation zone for the last few months but has been able to maintain the key support levels for short and long term. However, the stock needs to move above the key resistance levels to reinstate higher momentum.

YES Bank has exhibited a consolidative behaviour for the last 22 sessions, oscillating within a relatively tight range of approximately Rs 23.35 to Rs 24.65. This consolidation suggests that the stock is in a phase of indecision, with market participants finding a balance between buying and selling pressures, said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

"If the stock manage to achieve a decisive close above the Rs 24.65 resistance level, it could potentially trigger a further upward movement towards Rs 26.65. In the short term, the anticipated trading range for YES Bank is expected to be between Rs 23 and Rs 27, offering trading opportunities for those looking to capitalize on movements within this broader spectrum," he added.

YES Bank has been consolidating for quite some time, moving within a narrow range. It would need a decisive breach above the Rs 24.60 zone to improve the bias and anticipate further rise, with the next targets at Rs 27 and Rs 29 levels respectively, said Vaishali Parekh, VP - Technical Research at Prabhudas Lilladher. "Near-term support is maintained near Rs 23.30 levels, and major crucial support lies near the 200-period MA at Rs 22.25 levels," she said.

YES Bank has been consolidating within a narrow range for the past five months. On the price chart, its current RSI reading is seen at 53.90 on daily, 52 on weekly, and 53 on the monthly time frame, indicating a moderate buying range for swing trading short-term to mid-term investment perspective, said VLA Ambala, co-founder at Stock Markets Today.

"The immediate key resistance point for this stock is at Rs 24.80. Those looking to explore a buying opportunity in this particular stock can consider initiating a fresh long position in the Rs 21.50-23.50 range, for a target of Rs 27-35," she added with a stop loss of Rs 19.50 and a holding period of 2-5 months.

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