Yes Bank share hits 52-week high. Experts see more upside in short term

Stock market today: Extending its rally for third day in a row, Yes Bank share price today climbed to a new 52-week high of ₹23.70 per share during early morning deals on Tuesday. Yes Bank shares today opened flat at ₹22.70 apiece levels on NSE but it soon gathered upside momentum and climbed to intraday high of ₹23.70 apiece levels, logging intraday gain of over 4 per cent.

In last three days, Yes Bank share price has risen from ₹20.85 to ₹23.70 apiece levels, logging around 13.50 per cent rise in this time. However, market experts are expecting more rally in Yes Bank shares.

According to stock market experts, Yes Bank shares have been in uptrend after the private lender's declaration to receive ₹150 crore from a single trust in Security Receipts Portfolio after NPA portfolio sale. They said that Yes Bank shares may continue to trade positive and go up to ₹30 apiece levels in short term and advised Yes Bank shareholders to hold the scrip with trailing stop loss at ₹21 apiece levels.

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Speaking on the reason for rise in Yes Bank shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank shares are rising as the private lender has declared to have received ₹150 crore from single trust in regard to its NPA portfolio sale to JC Flowers ARC. So, current rally in Yes Bank shares can be attributed to this trigger. However, much will depend upon the kind of quarterly numbers it gives as Q3 results for FY24 is about to start. So, one should wait for the results but must maintain stop loss while holding the banking stock.”

Yes Bank share price target

Expecting further rally ibn Yes Bank shares, Sumeet Bagadia, Executive Diredctor at Choice Broking said, “Yes Bank shares are looking positive on chart and it may soon touch ₹26 apiece levels. On breaching this hurdle on closing basis, Yes Bank shares may go up to ₹30 apiece levels in near term. So, my suggestion to Yes Bank shareholders to hold the scrip by upgrading one's stop loss at ₹21 apiece levels.”

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On suggestion to fresh investors, Sumeet Bagadia of Choice Broking said, “One can buy Yes Bank shares at current levels and maintain buy on dips strategy till the stock is above ₹21 levels.” He said that fresh investors should also maintain stop loss at ₹21 for near term targets of ₹26 and ₹30 respectively.

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.