Stock market todayYes Bank shares have been in an uptrend since the early morning session. Yes Bank share price today opened flat at ₹20.95 apiece but soon attracted the attention of the Indian stock market bulls. Within a few hours, Yes Bank share price ascended to a new intraday peak of ₹22.75 apiece on NSE, logging an intraday rise of 8.5% during Thursday deals. According to stock market experts, this rise in Yes Bank shares is due to the speculative buzz about the private lender looking out for a new promoter to sell up to 51 percent stake. They said that Yes Bank shares were in an oversold zone as it nosedived around 40 percent from its recent 52-week high of ₹32.85 apiece. So, bottom fishers looking for a fresh position latched on to the banking stock, which fueled Yes Bank share price rally.
Trigger for Yes Bank share price
On trigger that fueled buying in Yes Bank shares, Sandeep Pandey, Founder of Basav Capital said, “Yes Bank shares are rising due to a speculative buzz as there are news reports about Yes Bank looking to sell up to 51 percent stake to a new promoter. However, the private bank is yet to make any official statement on this Yes Bank news. I would like to suggest that such rumor should not be a criteria to take any position in the stock.”
The former Deputy Vice President of HDFC Bank went on to add that Yes Bank shares were in an oversold zone as it had crashed around 40 percent from its 52-week high that it had touched in the first fortnight of February 2024. He said that people sitting on cash might have looked at Yes Bank shares as a value pick after such a slide in nearly one month.
Yes Bank share price target
Advising positional investors to avoid taking any fresh position in Yes Bank shares, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “Yes Bank shares are still looking weak on chart pattern and it is still signaling like a sell-on rise stock on the chart pattern. So, those who have Yes Bank shares in their stock portfolio, are advised to maintain strict stop loss below ₹18. Yes Bank share price is facing a hurdle at ₹26 apiece level.”
The Anand Rathi expert said that one should buy Yes Bank shares only in the ₹16 to ₹18 range maintaining strict stop loss at ₹14. On breaching ₹26 hurdle, Yes Bank shares may come close to its existing 52-week high of ₹32.85 apiece level.
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 making any investment decisions.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
