Yes Bank shares rebound after retracing 35% from 52-week high. Buy or wait?
4 min read . Updated: 09 Feb 2023, 09:25 AM IST
Premium- Yes Bank share price has bottomed out after hitting recent lows around ₹16 apiece levels, say stock market experts
Stock market today: Yes Bank shares have remained under base building mode after climbing to its 52-wek high of ₹24.75 apiece levels in December 2022. In fact, Yes Bank share price further dipped after the Q3 results announcement in January 2023. But, on Wednesday session, Yes Bank share price tried to come out of the base building mode and ended higher after a long gap. Yes Bank share price today has opened upside as well, triggering speculation whether the Yes Bank stock has bottomed out and is gearing for another leg of rally in upcoming sessions.
Speaking on Yes Bank shares, Girish Sodani, Head of Equity Market at Swastika Investmart said, "The second half of the calendar FY22 was about banking PSUs giving multi-bagger returns to their shareholders. The rally was led by improvements in asset quality & record growth in advances. As Yes Bank stock gives 24% return in last 1 Yr. Yes Bank is doing well after its management came under the control of State Bank of India. Apart from this, FM’s mechanism to tackle bad loans is going to helper stressed banks including Yes Bank."
Girish Sodani of Swastika Investmart said that Yes Bank's Q3 business update are also strong & it has managed to improve its loans and advances figures during Oct to Dec FY22 Qtr. Sharing its business update for the Q3FY23 that its advances were up nearly 12% (YoY) and up over 2% (QoQ). In Dec 22, Bank statement on transferred stressed assets of ₹48,000 Cr to JC Flowers Asset Reconstruction Pvt Ltd, a move that will wipe the bank’s book clean of worthless assets helps in its restructuring model.
Asked about Yes Bank share price outlook, Swastika Investmart expert said, "Yes Bank stock remain range bound in near term till march 2023 as its 3Yr Lock-in period ending this march for many major banks include Axis Bank, IDFC Bank etc. So stock can see some profit booking or partial booking also from the retail investor’s holdings."
On important pivot points in regard to Yes Bank shares, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "The stock after the spurt made a month ago to touch the ₹22 zone has corrected well and again reached the ₹16.20 levels, which is near to the significant 200 DMA level of ₹16 where it has shown signs of bottoming out. A short pullback is witnessed to slightly improve the bias and can anticipate for some bounce back. The near term target would be ₹18.50 and thereafter if given a breakout can further rise till ₹21 to ₹22 zone once again. The support for Yes Bank share price would be maintained near ₹15.50 to ₹20 apiece zone."
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.
