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Asit Manohar

Yes Bank share retraces from 52-week high. Should you buy in this correction?

Yes Bank share has logged more than 30 per cent rise in last one month.

According to stock market experts, Yes Bank shares have broken its previous 52-week high of 16.25 apiece levels and has been able to sustain above 16.25 apiece levels. They said that the stock has strong support zone around 15 apiece levels and it is a news-based stock with improved fundamentals. Experts said that high risk traders can take a bet on this dip keeping stop loss around 14.70 apiece levels for short to medium term targets of 19 and 22.

Speaking on the fundamentals of Yes Bank shares, Saurabh Jain, Vice President — Research at SMC Global Securities said, "From fundamental perspective, Yes Bank has reported improved numbers and market is buzz with speculations about new appointments. If that gets announced officially as we saw in the case of investment from Carlyle and Advent International, then Yes Bank shares may skyrocket as we saw in the last two to three sessions. However, it is still not a positional stock and high risk traders can bet on this banking stock keeping strict stop loss as the stock has a record of moving either side on single trigger in last few years."

On pivot levels in regard to Yes Bank shares, Ravi Singhal, CEO at GCL Securities said, "Yes Bank shares have managed to break its previous 52-week high of 16.25 and now it is sustaining above this mark. So, on chart patterns, it has taken strong support at 15 and any rebound from current levels may take this stock towards 18 to 19 levels in short term. So, high risk traders can bet on this banking stock maintaining strict stop loss at around 14.70 for immediate target of 19."

Ravi Singhal of GCL Securities went on to add that if the stock sustains above 17.90 levels, its current 52-week high in near term, then it may go up to 22 levels in short to medium term as the hawkish Reserve Bank of India (RBI) on interest rate is helping Indian banks including Yes Bank to improve its NIM (net Interest Margin).

Yes Bank share price history

In near one month time, Yes Bank share price is giving sharp upside moves on fund raise via investment from Carlyle and Advent International. Yes Bank shares have surged more than 11 per cent in last one week whereas it has logged more than 30 per cent rise in last one month.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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