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Business News/ Markets / Stock Markets/  IDFC First Bank shares hit 52-week high. Yes Bank share rises 10% in 2 days
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IDFC First Bank shares hit 52-week high. Yes Bank share rises 10% in 2 days

IDFC First Bank shares may go up to ₹60 apiece levels whereas Yes Bank may go up to ₹22 levels in short term, believe stock market experts

Yes Bank and IDFC First Bank share prices have surged 10 per cent and 12 per cent respectively in last two straight sessions.Premium
Yes Bank and IDFC First Bank share prices have surged 10 per cent and 12 per cent respectively in last two straight sessions.

After strong Q2FY23 business update, shares of IDFC First Bank and Yes Bank continue to attract Dalal Street bulls on second straight session on Thursday. IDFC First Bank share price today opened upside and went on to hit intraday high of 55.15 apiece, which is now its new 52-week high on NSE. In last two days, IDFC First Bank shares have surged from 49.35 to 55.15 apiece levels, logging near 12 per cent rise in two sessions. 

Similarly, Yes Bank share price too opened with an upside gap and went on to hit intraday high of 16.85 apiece, ascending to the tune of around 10 per cent in last two days.

According to stock market experts, IDFC First Bank and Yes Bank shares are ascending due to strong business update for Q2FY23. They said that strong business update by IDFC First Bank and Yes Bank has worked as catalyst for already bullish market on banking and financial sector due to rising interest rate regime. They said that IDFC First Bank has given breakout at 53.75 apiece levels and it may go up to 60 apiece levels in short term. Similarly, they said that Yes Bank shares are facing minor hurdle at 18 apiece levels and on breakage of this hurdle it may go up to 22 apiece levels. However, they maintained that IDFC First Bank is better placed in comparison to Yes Bank shares.

Speaking on IDFC First Bank and Yes Bank shares, Ravi Singhal, CEO at GCL Securities said, "Both IDFC First Bank and Yes Bank have delivered strong Q2FY23 business updates. This strong business update has worked as catalyst for these banking stocks as market is already bullish on banking and financial sector amid hawkish interest rate regime. However, one should look at IDFC First Bank for higher gains as it is better placed against Yes Bank (both from fundamental and technical perspective)."

Speaking on IDFC First Bank share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, "IDFC First Bank share price has given fresh breakout at 53.75 apiece levels and it may go up to 58 to 60 apiece levels in short term. Those who have this stock in their portfolio are advised to further hold the scrip for above mentioned targets."

Ravi Singhal of GCL Securities said that Yes Bank share has already surged to the tune of 10 per cent in two days and it is facing hurdle at 18 levels. If the stock manages to break this hurdle, then it may go up to 20 and 22 apiece levels in short term.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 06 Oct 2022, 11:47 AM IST
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