Yes Bank shares: Edelweiss Mutual Fund raises stake in Jan 2023. Buy or wait?
- Edelweiss Mutual Fund bought more Yes Bank shares in January 2023
Yes Bank shares have been under sell off pressure after climbing to 52-week high of ₹24.75 apiece on NSE in December 2022. In near two months after ascending to 52-week high, Yes Bank share price has retraced to the tune of 35 per cent as Yes Bank share price today is ₹16.10 per share levels on NSE. However, Edelweiss Mutual Fund seems unmoved by this dip in Yes Bank stocks.
Edelweiss Mutual Fund shareholding in Yes Bank
The asset management company (AMC) has raised its stake in Yes Bank buying more shares of the private lender in January 2023. As on 31st January 2023, Edelweiss Mutual Fund holds 4,84,135 whereas the AMC used to hold 4,65,671 Yes Bank shares on 31st December 2022. This means, the AMC has bought more shares of Yes Bank in January 2023. The AMC informed Mint that the investment in Yes Bank has been done through Edelweiss MF index funds.
According to stock market experts, Yes Bank share price is trading in the range of ₹16 to ₹24 and the stock may face some more erosion as three year lock-in for leading banks like IDFC First Bank, Axis Bank, HDFC Bank, etc. ends in March 2023. However, they said that such sell off may trigger huge buying range of ₹14 to ₹16 and a selling range of ₹24 to ₹26 apiece. They advised positional investors to buy in ₹14 to ₹16 once the lock-in triggered sell off happens in March.
Yes Bank share price outlook
Speaking on Yes Bank share price outlook, Ravi Singhal, CEO at GCL Broking said, "Yes Bank's margin has peaked and now market is expecting good news on this front. However, asset quality will take time to improve and come under control. But, investors are advised to keep an eye on the fresh Yes Bank shares coming into the retail market in March 2023 due to end of three year lock-in for IDFC First Bank, HDFC Bank, Axis Bank, etc."
On Yes Bank share price outlook, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Yes Bank stock has witnessed a decent erosion from the peak level of ₹24.75 and has arrived near the significant 200DMA level of ₹16 with the intensity of selling pressure diminishing. Also the stock has retraced 61.80 per cent with indication of good support zone visible near the ₹16 zone. The RSI indicator has flattened out after the slide anticipating for a trend reversal in the coming days. A decisive move past the ₹17.50 levels would further improve the bias and trend, from where we can expect for further pullback."
Advising positional investors to wait for some time as there can be some more erosion in the stock due to end of lock-in in March, Ravi Singhal of GCL Broking advised investors to buy Yes Bank shares in ₹14 to ₹16 range and book profit in ₹24 to ₹26 per share range.
Disclaimer: .he views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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