BackStock market today: Yes Bank shares rebound after profit booking. Experts see 20% upside in short term
Yes Bank shares bounced back in early morning deals on Tuesday after profit booking trigger on Monday
PremiumStock market today: After profit booking trigger during Monday deals, Yes Bank share price today witnessed strong buying interest among stock market bulls. Yes Bank shares today opened with an upside gap at ₹20.30 per share levels on NSE and went on to hit intraday high of ₹20.45 apiece, regaining its 10-month higher levels, which it has climbed last week.
Why Yes Bank share price is skyrocketing?
According to stock market experts, Yes Bank shares are looking positive from both technical and fundamental perspective. On technical chart, Yes Bank shares have breached 200 days exponential moving average (DEMA) for the first time in last four years, which signals sharp rebound from lower support levels. They said that Yes Bank has managed to improve its financials after 2018 crisis. They said that in last one fortnight, Yes Bank shares have bounced back twice after profit booking triggers, which signals bull trend to further continue. They said that Yes Bank shares may go up to ₹25 once it breaches its immediate resistance placed at ₹22 levels.
Also Read: Yes Bank shares hit 10-month high. Experts see potential multibagger in making
On why Yes Bank share price bounced back twice in last one fortnight, Rakesh Bansal, Co-founder & Co-partner at Rakesh Bansal Ventures said, “After SBI took over the management of Yes Bank, the private lender has been improving its financials on consistent basis. In its annual report, Yes Bank has reported 3.54 lakh crore total assets and 2.03 lakh crore total advances. It 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."
Rakesh Bansal said that on technial chart, Yes Bank shares are looking strong. In last four years, Yes Bank share price has for the first time breached 200 DEMA at ₹17.70 levels decisively, which signals strong rebound after profit booking trigger.
Yes Bank share price target
Advising buy on dips strategy in regard to Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have strong support placed at ₹18.40 apiece levels. Yes Bank shareholder can hold the stock for further upside maintaining stop loss at ₹18.40 levels. It may go up to ₹25 apiece levels after breaching its minor immediate hurdle placed at ₹22 per share levels."
Yes Bank share news
Yes Bank share price has been in bull trend since last week. After ending at ₹18.30 apiece levels on Friday, 10th November 2023, Yes Bank share price witnessed sharp upside on following Monday session and closed at 19.40 per share levels. Yes Bank share price rally continued on Wednesday (Tuesday was stock market holiday) and the stock ended at ₹20.35 apiece levels and hit 10-month high, logging. Yesterday, Yes Bank share price hit intraday high of ₹21.15 per share levels, logging 15 per cent rise in current bull run. However, profit booking triggered in Yes Bank shares at higher levels and the stock ended at ₹20.15 per share levels. In last one month, Yes Bank share price has rallied to the tune of 23 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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