Similarly, Yes Bank share price too opened with an upside gap and went on to hit intraday high of ₹16.85 apiece, ascending to the tune of around 10 per cent in last two days.
According to stock market experts, IDFC First Bank and Yes Bank shares are ascending due to strong business update for Q2FY23. They said that strong business update by IDFC First Bank and Yes Bank has worked as catalyst for already bullish market on banking and financial sector due to rising interest rate regime. They said that IDFC First Bank has given breakout at ₹53.75 apiece levels and it may go up to ₹60 apiece levels in short term. Similarly, they said that Yes Bank shares are facing minor hurdle at ₹18 apiece levels and on breakage of this hurdle it may go up to ₹22 apiece levels. However, they maintained that IDFC First Bank is better placed in comparison to Yes Bank shares.
Speaking on IDFC First Bank and Yes Bank shares, Ravi Singhal, CEO at GCL Securities said, "Both IDFC First Bank and Yes Bank have delivered strong Q2FY23 business updates. This strong business update has worked as catalyst for these banking stocks as market is already bullish on banking and financial sector amid hawkish interest rate regime. However, one should look at IDFC First Bank for higher gains as it is better placed against Yes Bank (both from fundamental and technical perspective)."
Speaking on IDFC First Bank share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, "IDFC First Bank share price has given fresh breakout at ₹53.75 apiece levels and it may go up to ₹58 to ₹60 apiece levels in short term. Those who have this stock in their portfolio are advised to further hold the scrip for above mentioned targets."
Ravi Singhal of GCL Securities said that Yes Bank share has already surged to the tune of 10 per cent in two days and it is facing hurdle at ₹18 levels. If the stock manages to break this hurdle, then it may go up to ₹20 and ₹22 apiece levels in short term.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
