Shares of YES Bank will be in the focus on Thursday after the private lender scaled Rs 30-mark in the previous trading session with strong volumes. Shares of YES Bank briefly hit an upper circuit of 20 per cent on Wednesday to hit its highest level since June 2020. They settled at Rs 30.45 on NSE amid high volumes. A total of 161.54 crore YES Bank shares, amounting to Rs 4,515.11 crore, traded on the exchange in the previous session.
On BSE, YES Bank scaled Rs 30.50-mark on BSE, before closing at Rs 29.83, still up 17.35 per cent. More than 25.91 crore shares of YES Bank worth Rs 720.02 crore exchanged hands on BSE. The trading volumes on BSE were about 4 times higher than its two-week average.
YES Bank has turned multibagger from its 52-week low of Rs 14.10, hit in October 2023. The stock has surged about 34 per cent in the last two trading sessions and is up 80 per cent in the last six-months period.
YES Bank shares have been buzzing since the Reserve Bank of India approved a HDFC Bank Ltd proposal to increase stake in the private lender. The RBI has given a nod to HDFC Bank to acquire up to 9.5 per cent stake in YES Bank, said the lender in an exchange filing earlier this week. The apex bank has given a period of one year to HDFC Bank to acquire this stake.
Technical analysts believe that the momentum on YES Bank is likely to continue and the stock is likely to head higher. They see Rs 25 as the crucial support for the lender and a target of Rs 35.
Sustaining above Rs 20-21 zone is likely to augur well for YES Bank prices from a technical point of view, said Osho Krishan, Senior Research Analyst for Technical & Derivatives at Angel One. "Hence, it is advisable to have a pragmatic approach in the counter and keep the trailing support zone (stop loss) on the higher front with the stock movement," he said.
“YES Bank has witnessed a decent rally. The stock may rise till the initial target of Rs 32 and thereafter with strength sustaining can achieve next targets of Rs 35 and Rs 44 levels,” said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher. "The near-term support would be maintained near the Rs 22.60 zone," he said.
The momentum must absorb all the selling pressure emerging in the range of Rs 26-25.50 to embark on the next upward rally, said Avdhut Bagkar Derivatives & Technical Analyst at StoxBox. A decisive breakout over Rs 26 mark should send the price action in the direction of Rs 30 to Rs 33 levels, he said.
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