Shares Of Yes Bank Dip Below Rs 21: Tech Chart Insights
Yes Bank reached its 52-week high of Rs 23.05 on Tuesday, 19 December, marking a 65 per cent surge from its 52-week low of Rs 14.10 recorded about two months ago.
Over the past month, the stock has seen a 7 per cent increase. The bank held a total market capitalisation exceeding Rs 60,000 crore.
Technical experts suggest that the current levels present a favorable opportunity to join the stock's ongoing rally. However, they caution investors about market volatility and advise respecting stop-loss levels.
According to Jigar S Patel, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers, Yes Bank presents a buying opportunity, supported by a strong support zone of Rs 19-20 and significant volume buying at lower levels, reinforcing a bullish stance. Patel suggests buying in the Rs 20-21 range with a target of Rs 26 and a stop-loss of Rs 17 on a daily close basis.
Mileen Vasudeo, Senior Technical Analyst at Arihant Capital Markets, notes Yes Bank's higher bottom formation phase with solid support levels between Rs 20-19. Positive momentum indicators and the stock's outperformance against benchmark indices lead Vasudeo to recommend maintaining a position with a stop loss set at Rs 18, indicating potential levels of Rs 22 and Rs 24.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, highlights YES Bank's resistance near Rs 23.05, suggesting that the stock is consolidating near the crucial 50-EMA level of Rs 19.50. For an upward bias confirmation, Koothupalakkal proposes moving past the Rs 21.20 zone. He recommends buying at current levels, maintaining a strict stop-loss at Rs 19.50, and anticipating a retest of the Rs 23 zone.
Similarly, VLA Ambala, co-founder at Stock Market Today, views the dip as a buying opportunity, particularly for a breakout above Rs 22.30. For long-term views, Ambala suggests considering Rs 17.60 to Rs 21 as a buying range, setting a long-term target of Rs 24 and 38, with a strict stop loss at Rs 15.
