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Business News/ Markets / Stock Markets/  Stock market today: Yes Bank shares hit 52-week high. Buy, hold or book profit?
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Stock market today: Yes Bank shares hit 52-week high. Buy, hold or book profit?

Stock market today: Yes Bank shares today opened upside and went on to hit new 52-week high of ₹23 apiece on NSE

Yes Bank share price has risen to the tune of 40% in last six months. (Photo: MINT)Premium
Yes Bank share price has risen to the tune of 40% in last six months. (Photo: MINT)

Stock market today: Yes Bank shares have been in uptrend for near one month. However, it seems that the private bank stock is still not in mood to stop its rally. Yes Bank share price today opened upside and went on to climb to a new 52-week peak of 23 per share levels on NSE, logging an intraday gain of near 5 per cent during Monday stock market deals.

According to stock market experts, Yes Bank shares are looking strong from both technical and fundamental perspective. They said that Yes Bank shares have broken 200 days exponential moving average (DEMA) for the first time in near four years. Market experts said that Yes Bank shares are looking positive on chart parttern after giving fresh breakout on chart pattern at 21 apiece levels. So, in short term, one can expect the banking shares to touch 25 and 28 apiece levels.

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Why Yes Bank shares are skyrocketing?

Highlighting upon the strong fundamentals that may continue to help Yes Bank share price rally, Rakesh Bansal, Co-founder & Co-partner at Rakesh Bansal Ventures said, “Yes Bank's fundamentals are looking strong after 2018 crisis. In annual report of Yes Bank, the private lender has reported that it has 75 lakh happy customers. The lender has also reported 3.54 lakh crore total assets and 2.03 lakh crore total advances."

"In current age of digital payments, Yes Bank is number one in UPI payments and NEFT outward transactions. It governs 22.80 per cent market share in digital payments transaction volume in India. Apart from this, Yes Bank Ltd has 1,192 branches in 700 cities across India. Its total number of ATMs are around 1300 in these 700 cities. Most importantly, its ESG score among Indian banks is 68/100," said Bansal adding, "Yes Bank has reported second straight year of profitability in FY23 with YoY growth of 9.20 per cent."

Also Read: Zee shares fall over 4% after it seeks time on Sony merger deal

Yes Bank share price target

Expecting further upside in Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have recently given breakout at 21 apiece levels on chart pattern and the stock may touch 25 apiece levels in near term. On breaching this hurdle decisively, the stock may go up to 28 per share levels in short term."

Also Read: IREDA share price recovers from steep fall; check details

Bagadia advised Yes Bank shareholders to hold the scrip by updating their trailing stop loss at 21 per share levels. For those who missed to take advantage of this rally, Sumeet Bagadia advised ‘buy on dips’ strategy for above-mentioned targets maintaining stop loss at 21 per share levels.

Yes Bank share price history

Yes Bank shares have been in uptrend after ushering in the financial year 2023-24. In FY 2023-24, Yes Bank has risen from around 14.75 to 23 apiece levels, delivering to the tune of 55 per cent in FY24. In last one month, Yes Bank share price has ascended from around 20.15 to 23, logging near 15 per cent rally in this time. Likewise, in last six months, Yes Bank share price has rallied around 40 per cent.

Disclaimer: The 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 decision.

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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: 18 Dec 2023, 11:02 AM IST
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