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Business News/ Markets / Stock Markets/  Yes Bank share price rises 15% in 3 days. Experts have this caution
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Yes Bank share price rises 15% in 3 days. Experts have this caution

Yes Bank shares have risen from ₹16.15 to ₹18.60 apiece in last three sessions

Yes Bank shares may become highly bullish above ₹20 and can go up to ₹24 apiece levels in short term, say experts.Premium
Yes Bank shares may become highly bullish above 20 and can go up to 24 apiece levels in short term, say experts.

Yes Bank shares have been in uptrend for last three trade session. Yes Bank share price today opened upside and hit intraday high of 18.60 apiece levels, logging 15 per cent rise in last three straight sessions. However, profit-booking triggered in Yes Bank shares and it came at 18.15 apiece levels within few minutes of stock market's opening bell today.

According to stock market experts, Yes Bank share price may remain highly volatile as three years lock-in of ICICI Bank, Axis Bank, HDFC Bank, IDFC First Bank is ending on 13th March this month. They went on to add that these private lenders bought stake in Yes Bank at around 10 and it is now above 18, which means these private banks have a chance to book profit once the three year lock-in ends. However, some experts believe that these private banks won't sell their Yes Bank shares immediately after the end of three year close-in as they would with for the fourth quarter results of Yes Bank.

On why Yes Bank share price is ascending, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Yes Bank share rally is completely speculative as there is no such change in fundamentals of the private bank. In fact, this rally in Yes Bank shares can be a good opportunity for those shareholders who bought Yes Bank stocks during its December 2022 rally after the private lender sold out 40 per cent of its stake in dish TV to JC Flowers."

On why he is advising Yes Bank shareholders to exit in this rise, who entered in December rally, Avinash Gorakshkar said, "Three year lock-in of ICICI Bank, IDFC First Bank, Axis Bank, HDFC Bank, etc. is fast approaching and some profit-booking is expected from these banks as they have bought Yes Bank shares at around 10 apiece levels."

However, Ravi Singhal, CEO at GCL Broking said that there might not be immediate profit booking by these private banks whose three year lock-in ends on 13th March 2023. Ravi Singhal said that much will depend upon the Q4FY23 results of the private lender. If it manages to report improvement in its NIMs, then these private banks may think of holding Yes Bank shares for more time."

On Yes Bank share price chart, Sumeet Bagadia, Executive Director at Choice Broking said, "Yes Bank shares have immediate support placed at 16 whereas its major support is placed at 15 apiece levels. Those who have this stock in their portfolio are advised to hold the stock further and upgrade their trailing stop loss to 16 as Yes Bank shares may become highly bullish if it breaches 20 apiece levels."

However, Sumeet Bagadia advised fresh investors to wait and buy Yes Bank stocks above 20 levels for the target of 24 in short term.

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 decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 02 Mar 2023, 09:37 AM IST
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