YES Bank shares jump 4% today; key technical levels to watch out for

Shares of YES Bank Ltd surged 4.22 per cent in Monday's trading session to hit a day high of Rs 20.75. At this price, the stock has gained 47.16 per cent from its one-year low of Rs 14.10, a level seen on October 23, 2023. Despite the mentioned rise, the scrip was down 16.16 per cent from its 52-week high of Rs 24.75, hit on December 14 last year.

On BSE, around 4.62 crore shares were last seen changing hands today. The figure was higher than the two-week average volume of 4.20 crore shares. Turnover on the counter stood at Rs 94.39 crore, commanding a market capitalisation (m-cap) of Rs 58,353.19 crore. There were 1,66,59,246 sell orders against buy orders of 55,47,775 shares.

Technical analysts largely suggested that support on the counter could be seen around Rs 19. On the higher side, immediate resistance may be found at Rs 21 and a decisive close is required for further upside.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "YES Bank has seen a stellar move from Rs 16 to Rs 21 in the recent period. The Rs 21 zone is likely to act as a sturdy hurdle and a decisive closure above the same could only trigger fresh traction in the counter towards the next potential resistance of the Rs 23-24.50 zone. On the flip side, support is likely to be around the consolidation zone of Rs 19.50-19 and a plunge below this could only disrupt the ongoing momentum in the counter."

Rupak De, senior technical analyst at LKP securities, said, "The stock has experienced a flag pattern breakout on daily charts, indicating a surge in optimism. It has consistently stayed above the crucial moving average, signaling a potential uptrend. In the short-term, there's a possibility of the stock climbing toward Rs 25 and beyond, as long as it maintains its position above Rs 19."

AR Ramachandran from Tips2trades said, "YES Bank is slightly bullish on daily charts with next resistance at Rs 21.1. A daily close above this resistance could lead to target of 23.9 in the near term. Support will be at 19."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "One can buy in the range of Rs 20-21 for a target of Rs 26. Keep stop-loss placed at Rs 18."

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 64.37. 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 69.68 against a price-to-book (P/B) value of 1.38.

The scrip has an analyst target price of Rs 15, Trendlyne data showed, suggesting a potential downside of 25 per cent in a year. It has a one-year beta of 0.4, indicating low volatility on the counter.

(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.)

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