YES Bank shares hit 52-week high, overbought on charts; what’s next?

Shares of private sector lender YES Bank Ltd hit a fresh 52-week high amid a correction in broader markets in early trade on Monday. YES Bank shares gained 4.87% to a high of Rs 23 against the previous close of Rs 21.93 on BSE. Stock of YES Bank has gained 6.70 per cent in a year and risen 4.48 per cent in 2023. Market cap of the bank rose to Rs 65,082 crore in Monday’s trading session. YES Bank has a one-year beta of 0.5, indicating low volatility during the period.

In terms of technicals, the relative strength index (RSI) of the yesbank-share-price-364072">YES Bank stock stands at 74.5, signaling the stock is trading in the overbought zone. YES Bank shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

In three months, the stock has surged 21.88%.

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Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, “YES Bank has recently picked up well from the bottom made near Rs 15.70 zone and recently has indicated a higher bottom formation pattern on the daily chart taking support near Rs 19-zone and with a decent pullback has given a breakout above Rs 21.20 zone with decent volume participation witnessed, to improve the bias and sentiment.”

"Further ahead, the next target visible would be near Rs 24.50 zone of the previous peak level and with major support maintained near Rs 19 levels, one can carry on with the long position," he added.

Also read: YES Bank shares jump 7%, mcap nears Rs 62,500 crore; here are key levels to watch

Jigar S Patel, Senior Manager - Technical Research, Anand Rathi Shares and Stock Brokers said, “Since the last month, YES Bank has gained some quick momentum and placed near the Rs 20 mark. Recently, it took out its previous swing with huge volume and successfully sustained above it. On the indicator front, daily DMI and RSI are hinting at a bullish bias in the counter. Thus, one can buy in the range of Rs 20–21 for a target of Rs 26 and a stop-loss of Rs 18 on a daily close basis.”

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