Yes Bank share price dips 25% after hitting 52-week high. Good time to buy? | Mint – Mint

  • Yes Bank share price is currently trading in 18 to 25 zone, say experts

Yes Bank share price has been in downtrend after hitting fresh 52-week high of 24.75 apiece on 13th December 2022. In last ten days, Yes Bank shares have fallen to the tune of 18.20 per share on NSE, logging more than 25 per cent dip after climbing to its 52-week peak. Yes Bank share price today opened downside and went on to hit intraday low of 18.20 apiece on NSE, logging around 4 per cent intraday dip against its Thursday close of 18.95 on NSE.
According to stock market experts, this dip in Yes Bank share price can be a big opportunity for high risk traders and investors as the stock has fallen due to weak Dalal Stree sentiments. They said that Yes Bank shares have manged to improve its financials in recent years, especially after the handover of its management to State Bank of India (SBI). They said that Yes Bank share price is close to its lower support of 18 and 18 to 19 is a good accumulation zone for high risk investors. They advised positional investors to buy Yes Bank at current levels for medium term target of 34 apiece.
Speaking on Yes Bank share price outlook, Santosh Meena, Head of Research at Swastika Investmart said, “Yes Bank crossed the 20 per share mark after 2 years of consolidation, which is a good sign for the investors. However, 25 is a significant barrier where profit booking is occurring. We may see a period of consolidation after a vertical move where 18 should act as a floor now; therefore, 18–25 is a well-defined trading range in the near term, and any decisive move from this zone will dictate. further direction.”
Highlighting the reasons that led to fall in Yes ank share price, Manoj Dalmia, Founder & Director at Proficient Equities said, “In recent Yes Bank share price rally, its PE had surged to the tune of 40, which was quite high from its peers. Its EBIDTA is 19.1 which is at par with Axis Bank shares but much higher than IndusInd Bank. So, current dip in Yes Bank shares was expected after the sharp upside move post-JC Flowers ARC deal.” Manoj Dalmia of Proficient Equities said that after Yes Bank JC Flowers ARC deal, Yes Bank’s GNPA is expected to go below 2 per cent whereas its net NPA may go below 1 per cent in upcoming quarters. So, the deal is going to work as one of the driving force for Yes Bank shares in upcoming sessions.
“The banking index has seen a good outperformance in last few months and off late, the mid sized banks too have witnessed a good buying interest. Within this sector, Yes Bank has seen a sharp upside move and if we meticulously look at the recent charts, then it is seen that the stock had consolidated with the range of 15.50-18 since the month of August 2022, said Ruchit Jain, Lead Research at 5paisa.com.
Jain went on to add that breakout in Yes Bank share was accompanied by good volumes resulting in a sharp uptick in prices.
“While the near term trend seems positive, the stock would see resistances at higher levels around 27 followed by 34 in the medium term. On the flipside, the breakout zone of 18 could now be seen as the immediate support,” said Ruchit Jain of 5paisa.com.
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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