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Stocks to Watch – Yes Bank share – Why hold this stock for NOW and till what levels? Analyst gives strategy for traders, investors
Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, said that the Yes Bank share price has been on a weaker footing for quite some time now. The technical analyst recommends that the existing investors in the Yes Bank stocks must Hold on to it with a stop loss of Rs 10
Stocks to Watch – Yes Bank – Private Sector bank Yes Bank Limited shares were trading at Rs 10.95 on the NSE on Tuesday at 12:15 pm, which was down almost 0.5 per cent from the last closing price on Monday. If you are an existing investor in this stock or a trader who wants to make positions in this stock, then you must know what the expert thinks about this stock.
Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, said that the Yes Bank share price has been on a weaker footing for quite some time now. The technical analyst recommends that the existing investors in the Yes Bank stocks must Hold on to it with a stop loss of Rs 10.
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The stock should be held till levels around Rs 12 and investors could consider exiting this stock then. He expects a bounce to levels around Rs 12-12.50.
In terms of technical, there is not much to rely on, in this stock, he further said. He said that there was a major support level breakdown in this stock. This level was at Rs 11.10. This breakdown has come after a major consolidation phase.
It was still making lower tops and lower bottoms on the technical charts. The Yes Bank stock is currently trading with a negative bias.
He advised against taking any fresh positions in the Yes Bank stocks.
He said that there is nothing much in terms of technical in this stock and there are other private sector and public sector banks that one must put their in.
His advice to investors is not to make any fresh positions in this stock. As for traders who are still willing to make a contra-bet should look for levels around Rs 9-9.50 to enter in this stock.
He said that investors can take the opportunity to exit the stock on a pull back.
The stock is currently trading at a discount of 50 per cent from its 52-week high
level. Yes Bank shares achieved a high of Rs 20.75 on 11 December 2020. The 52-week low of this stock is Rs 10.50 which the stock hit on 23 August 2021.
The stock has moved both ways over the last 6-7 trading sessions on the NSE. On 2 September, this stock attained levels around Rs 11:15. The stock managed to hold on to levels of Rs 11 till 6 September (Monday) before going down below this level.
As for BSE, Yes Bank stocks were trading at Rs 10.97, down by almost 0.2 per cent around this time. The total volumes in this stock on BSE was around 59.53 lakh.
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