August8 , 2022

yes bank share price: Yes [email protected] 15 level. Where is it headed after 17% jump in month?

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shares have climbed over 17 per cent in the last one month and, on Friday, they hit a high of Rs 15, making traders wonder whether further upside is in the offing. Analysts said the scrip could see profit booking at its immediate hurdle of Rs 16, but a decisive breach of the same, if materialises, could lead to upsides of 25-40 per cent. On the downside, they see Rs 13.20-13.60 levels offering support to the index.

On Friday, the scrip rose 5 per cent intraday amid an ET report suggesting the lender’s plan to bring Carlyle and Advent on board as equity investors for about $1 billion has gathered pace.

Analysts said the index has been trading in a range for the last 8-10 months and that it will take a special upmove for the stock to give a strong breakout ahead.

“Taking a slightly longer term view, Yes Bank is seen trapped in a well-defined range and sideways zone of Rs 12.15 to Rs 14.90. Occasionally, the stock has tried to move past this trading zone, but it has always reverted back inside this zone,” said Milan Vaishnav, Founder and Technical Analyst at Gemstone Equity Research.

Vaishnav said that the stock has once again tried to move out of this trading zone and achieve a breakout.

“However, it has strong resistance in the Rs 16-16.30 zone, which is a strong pattern resistance area. Further, the stock remains highly news driven with little technical triggers present on the chart. In the given scenario, investors/traders can use each up move as an opportunity to exit stock. Fresh entries can be made if the stock moves past and sustains above 16.50 levels,” he said.

Nilesh Jain, Analyst – Technical and Derivatives Research, Centrum Broking said the scrip is headed towards Rs 16 level, a level that was last seen on April 7. I am not expecting a upmove above beyond that.

“This momentum may sustain till Rs 16 and thereafter we could see profit booking or consolidation. The major structure stays range bound as we have seen the scrip trading in Rs 12.5-16 range in the last 8-10 months. The stock may trade in the range for next two-three months. Any major breakout of Rs 16, however, will confirm the short term bottom and we could expect 25-40 per cent upside in such a scenario,” Jain said.

Vikas Jain of

Securities said the stock has been consolidating well and the momentum should continue because it has crossed multiple moving averages on the weekly and monthly charts.

“With a strong volume, the stock has broken from the band of the 200-day moving average. The first strong resistance should come in at around Rs 18.5-90. Strong support should be seen at Rs 12.5-13 levels, where the stock was languishing earlier. Any decline towards Rs 13.2-13.60, which is a band of averages, should be a good buy opportunity for targets of Rs 18.5-19,” Jain said.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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