Big rally may come in Yes Bank Share Price from Rs 21.56, keep an eye after Rs 27
YES Bank Share Price
YES Bank share price has shown some fluctuations, closing at ₹23.30, a slight decrease of 0.56% from the previous day’s closing of ₹23.43. This price movement reflects the ongoing volatility in the banking sector, influenced by both domestic and international market conditions.
Main Points
The share price of YES Bank has been on a rollercoaster ride over the past few months. The stock has witnessed a 52-week high of ₹32.81 and a low of ₹14.10, indicating significant volatility. The current market capitalization stands at approximately ₹73,701 crore, making it one of the notable players in the private banking sector in India.
YES Bank has been under scrutiny due to its past financial troubles but has shown signs of recovery. The bank’s recent financial reports indicate a year-on-year increase of 12.09% in advances, surpassing its five-year compound annual growth rate (CAGR) of 5.85%. This growth is a positive indicator for potential investors, suggesting that the bank is regaining its footing.
From a technical analysis perspective, YES Bank’s stock is currently facing resistance levels around ₹24.16 and ₹24.47, while support levels are identified at ₹22.76 and ₹22.37. The stock’s performance over the past month has been less than stellar, with a decline of approximately 3.4%.
The Relative Strength Index (RSI) for YES Bank is currently at 44.52, which indicates that the stock is not yet in the oversold territory, but there is potential for upward movement if buying interest increases. Analysts suggest that for a more bullish sentiment to emerge, the stock needs to break and sustain above ₹24. This level could trigger further buying interest, making it an important price point to watch for traders and investors alike.
Recent news surrounding YES Bank has also played a crucial role in its stock performance. Reports indicate that the Reserve Bank of India (RBI) is not in favor of a majority stake sale in YES Bank by the State Bank of India (SBI). This has led to uncertainty regarding the timeline for the stake sale, which could impact investor sentiment.
Additionally, YES Bank’s management has been proactive in addressing its financial health. The bank’s quarterly profit after tax (PAT) has seen a significant rise, reaching ₹451.89 crore in March 2024, compared to ₹231.46 crore in December 2023. This improvement in profitability is a strong indicator of the bank’s recovery trajectory.
Investor sentiment towards YES Bank remains cautious yet optimistic. Many analysts recommend a “Buy” rating for long-term investors, suggesting that the stock could be undervalued given its historical performance and recovery signs. However, short-term traders are advised to exercise caution due to the current volatility and potential market corrections.
As we look towards tomorrow, September 16, 2024, traders should keep an eye on the global market cues, particularly any developments from the US Federal Reserve and the European Central Bank, as these can significantly influence market sentiment and stock prices in India.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
