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Business News/ Markets / Stock Markets/  YES Bank share price jumps over 5%; is the stock buy-worthy? Here's what technical experts say
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YES Bank share price jumps over 5%; is the stock buy-worthy? Here's what technical experts say

YES Bank share price hit its 52-week high of ₹24.75 on December 14, 2022, and its 52-week low of ₹14.10 on October 23, 2023.

YES Bank share price jumped over 7% in trade on Tuesday. (Mint)Premium
YES Bank share price jumped over 7% in trade on Tuesday. (Mint)

YES Bank share price jumped 5.08 per cent to close at 21.29 on BSE on Tuesday, December 12, amid reports that the lender has invited expressions of interest for the sale of NPAs worth 4,234 crore.

"YES Bank has invited expressions of interest (EoI) for the proposed sale of NPAs worth 4,234 crore," according to a report by The Hindu Businessline.

"The private sector lender has put on the block corporate NPAs worth 3,092 crore which includes fund-based outstanding of 3,073.66 crore and non-fund-based outstanding of 17.83 crore as of October 31, 2023," the report further added.

YES Bank share price opened at 20.46 against the previous close of 20.26 and jumped 7.7 per cent to touch its intraday high of 21.82.

YES Bank share price hit its 52-week high of 24.75 on December 14, 2022, and its 52-week low of 14.10 on October 23, 2023.

In about one and a half months, the stock has jumped 51 per cent. However, it is still 16 per cent below its 52-week high level.

Technical indicators are flashing positive signals for the stock and experts are of the view that the stock is buy-worthy at this juncture.

According to Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, YES Bank stock has recently indicated a higher bottom formation pattern on the daily chart taking support near 19, giving a breakout above 21.20 with decent volume participation to improve the bias.

"The next target would be near 24.50 of the previous peak level and with major support maintained near 19, one can carry on with the long position," said Koothupalakkal.

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According to Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, recently, YES Bank share price took out its previous swing with huge volume and successfully sustained above it.

Patel observed that on the indicator front, daily DMI and RSI (relative strength index) hint at a bullish bias in the counter.

"One can buy the stock in the range of 21–22 for a target of 26 and a stop loss of 19 on a daily close basis," said Patel.

Yes Bank technical chart
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Yes Bank technical chart (Jigar Patel)

Also Read: Sterling and Wilson share price hits 5% upper circuit on QIP launch

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 12 Dec 2023, 12:16 PM IST
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