Yes Bank shares jump after SBI’s rebuttal on profit-booking reports. Buy or sell?
- Yes Bank shares extended its rally for fourth straight session and touched an intraday high of 31.75 apiece on NSE
Stock market today: After State Bank of India's (SBI's) strong rebuttal against the profit-booking reports in Yes Bank, shares of the private lender attracted strong buying interest in the early morning session on Friday. Extending its rally for the fourth straight session, Yes Bank shares opened upside and went on to touch an intraday high of ₹31.75 apiece on NSE, logging over 5 percent rise on Friday.
According to stock market experts, Yes Bank shares have been on an uptrend and some profit-booking was witnessed on Thursday after some news reports of SBI booking profit in the private lender. However, after SBI's rebuttal to such reports, bulls are once again betting high on Yes Bank shares.
Why is Yes Bank share price skyrocketing?
Highlighting the reason for the rise in Yes Bank shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank share price today witnessing buying interest among Dalal Street bulls after SBI refuses to trim shareholding in Yes Bank. On Thursday, some profit-booking on higher levels was witnessed in Yes Bank shares after some reports of SBI's offloading its shareholding in Yes Bank surfaced. However, in its reply to the exchange queries, SBI rebutted these reports, which triggered fresh buying in Yes Bank shares.”
Yes Bank share price target
Expecting more upside in Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares are looking positive on chart pattern. Yes Bank shareholders can hold the scrip maintaining stop loss at ₹28.50 apiece level. Yes Bank shares may go up to ₹35 and ₹38 per share levels in the short-term.”
On the suggestion to fresh investors, Sumeet Bagadia said, “Fresh investors can maintain buy-on-dips strategy for the short-term targets of ₹35 and ₹38. However, they must maintain the stop loss at ₹28.50 while taking any fresh position in Yes Bank shares.”
Yes Bank news
SBI on Thursday, February 8 issued a clarification, denying reports of a stake sale in private lender Yes Bank. In a regulatory filing to the stock exchanges, the country’s largest lender said that the media reports are factually incorrect.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with reference to the news item appeared in the ‘Website-www.moneycontrol.com’ dated 08.02.2024 captioned ‘SBI likely to sell shares in Yes Bank via block deal’, we submit that the news item published in ‘www.moneycontrol.com’ dated 08.02.2024 is factually incorrect,” said SBI in its exchange filing.
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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