Shares of YES Bank Ltd fell sharply in Monday’s trade, pausing their four-day winning run. The stock slumped 10.71 per cent to hit a day low of Rs 28.01. At this price, the scrip has slipped 14.63 per cent from its one-year high value of Rs 32.81, a level seen on last Friday.
Bourses BSE and NSE have put the securities of YES Bank under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
Technical analysts said that the stock has witnessed a decent rally in the past couple of weeks. So, one can’t rule out chances of profit booking at the current juncture.
AR Ramachandran from Tips2trades said, “YES Bank stock price looks bearish and also overbought on daily charts with strong resistance at Rs 32.7. Investors should book profits at current levels as a daily close below support of Rs 28 could lead to 24 in the near term.”
Ganesh Dongre, Senior Manager – Technical Research, Anand Rathi Shares and Stock Brokers, said, “The stock has given more than 50 per cent returns in a span of two weeks. At the current juncture, the stock is in the overbought zone. So, traders can book some profit. Those who want to hold must keep a strict stop loss at Rs 26.”
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, “The stock has witnessed a decent rally. It has achieved an initial target of Rs 32, where it has found resistance. With near-term support now placed at Rs 26.50 zone, a decisive breach above Rs 32 would once again trigger a fresh breakout and can anticipate further rise for targets of Rs 35 and Rs 41 levels.”
Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “It is advisable to have a pragmatic approach on the counter and keep the trailing support zone (stop loss) on the higher front with the stock movement.”
The counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) came at 62.15. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 90.08 against a price-to-book (P/B) value of 2.18.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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