Yes Bank share rises ahead of Q1FY23 results. Should you buy, sell or hold?
2 min read . Updated: 22 Jul 2022, 02:19 PM IST
Premium- Yes Bank share price has surged to the tune of near 17 per cent in last one month
Yes Bank share price: Ahead of quarterly results for the quarter ended June 2022, Yes Bank shares have been giving upside movement since early morning deals. Yes Bank shares today opened with upside gap and hit intraday high of ₹15 per share, logging around 5 per cent rise from its Thursday's close of ₹14.30 apiece on NSE.
According to stock market experts, market is expecting strong Q1 earnings from the private lender and the bank is all set to bring down its NPA (Non Performing Asset) to around 1.50 per cent to 2.0 per cent, which may attract fresh investors towards Yes Bank.
However, stock market experts maintained that actual picture would come only when the Q1 results of Yes Bank is announced. They said that the stock is placed at immediate support of ₹13.80 and ₹13.20 whereas it is standing at strong support of ₹12.540 apiece levels. Similarly, Yes Bank share is facing immediate hurdle at ₹15.50 to ₹15.80 zone whereas it is expected to become bullish if it manages to break s 16.20 hurdle on closing basis.
Speaking on the reasons that has fueled Yes Bank share price today, Ravi Singhal, CEO at GCL Securities said, "Market is expecting strong Q1 earning and there is strong buzz that Yes Bank may announce its NPA below 2 per cent during the announcement of its first quarter results for the financial year 2022-23. The Dalal Street bulls are expecting some big investment deals after strong Q1 numbers on Saturday. So, the current rally in Yes Bank shares are completely speculative and one needs to maintain strict stop loss as market will remain closed on Saturday and the stock may open any side on Monday."
Santosh Meena, Head of Research at Swastika Investmart said, "Yes Bank Ltd. is expected to post a good Q1 FY23 result in line with its peers. We anticipate the bank to witness a growth in advances and an improvement in asset quality compared to the same quarter previous year, albeit Q1 FY22 was severely impacted by the delta wave. Hence, Yes Bank has generated significant interest & buzz from the investors and witnessed a whooping around 17 per cent return in the last month."
Chinmay Barve, Head — Commodity and Derivative Research at Profitmart Securities said, "Yes Bank share price has crossed its recent highs on the back of strong momentum developed due to optimism ahead of first quarter results for current financial year. On the upside, Yes Bank stock has the potential to test ₹15.50 to ₹15.80 zones. Support for the private bank stock is placed at ₹13.80 and ₹13.20 apiece levels respectively."
"Yes Bank shares are standing at strong support of ₹12.50 apiece levels whereas it is facing strong hurdle at ₹16.20 levels or its current 52-week high. If the stock manages to break its current ₹16.20 hurdle, then it may go up to ₹19 apiece levels."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
