Once a heavyweight, YES Bank is looking at regaining its prized high status. Experts predict that the shares of the bank are trading in a range-bound manner around Rs 14-15 apiece. YES Bank ended around two per cent higher at Rs 14.70 per equity share on Tuesday.
For the last one month, the shares of private lender Yes Bank have been trading between Rs 14-15 per share levels, except once it surpassed this level on March 30, 2021 and had touched Rs 16 apiece.
Choice Broking’s Director Sumeet Bagadia says, “YES Bank will continue to be in a range-bound between Rs 13-15 levels per share. Until we don’t see a breakout of Rs 18-19 per share levels, we could see this stock moving in the same range.” He suggests investors to buy during dips and hold till it reaches Rs 17-18 per share with a stop-loss of Rs 13 per share.
Meanwhile, Tradebulls Securities Deputy Vice-President Sacchitanand Uttekar doesn’t expect YES Bank to really turn around, and expects the stock to trade between Rs 18-20 per share on the higher side and around Rs 13-14 per share at the current base it has formed and will be Oscillating within this range.
However, in the last few trading sessions, we saw a huge spike in YES Bank and even the delivery volume was good too, explains the technical analyst Uttekar.
In order for YES Bank to come out from this range below Rs 20 per share, it becomes very important for Nifty Bank to breach 34000 levels. Bank Nifty in the last 34 sessions has closed only six times positive, during all these closings the price action wasn’t significant.
He adds, however, yesterday during the seventh positive closing the price expansion was good, and if we could see the majority of F&O’s are dominated by Banking, Financial and Auto stocks.
Uttekar suggests that investors could take Rs 17-18 per share as a target price with a stop-loss of Rs 13 per share.
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