Shares of YES Bank took a sharp dive today after halting a four-day winning streak. The stock witnessed a significant slump of 10.71%, hitting a low of Rs 28.01. This downward movement has pushed the stock 14.63% below its one-year high of Rs 32.81, which was seen just last Friday.
Bourses BSE and NSE have placed YES Bank securities under the short-term ASM (Additional Surveillance Measure) framework. This move by the exchanges aims to alert investors about the high volatility in YES Bank’s share prices.
Technical analysts have noted that the recent rally in YES Bank stock may lead to profit booking at this juncture. AR Ramachandran from Tips2trades indicated that a daily close below the support level of Rs 28 could bring about a further decline towards Rs 24 in the near term.
Ganesh Dongre, Senior Manager at Anand Rathi Shares and Stock Brokers, advised traders to consider booking profits as the stock is currently in the overbought zone. He suggests keeping a strict stop loss at Rs 26 for those planning to hold on to their positions.
Shiju Koothupalakkal, a Technical Research Analyst at Prabhudas Lilladher, mentioned that YES Bank has met resistance at Rs 32 and has a near-term support at Rs 26.50. Crossing the Rs 32 level could trigger a fresh breakout with targets at Rs 35 and Rs 41.
Osho Krishan, Senior Research Analyst at Angel One, recommended maintaining a pragmatic approach towards YES Bank stock and setting a trailing support zone on the higher front to mitigate risk amidst the stock’s movements.
As of now, the stock is trading above various simple moving averages and has a 14-day relative strength index of 62.15. The stock’s P/E ratio stands at 90.08, while the P/B value is at 2.18.
- University of Pretoria Offers Scholarships for Masters in Human Rights and Democratization in Africa
- Investigative Report Unveils Allegations Against Jay Shetty’s Past and Practices
- Inter Milan Dominate Genoa in Serie A Clash: Sanchez and Augusto in Starting XI
- Measles Outbreak Prompts Urgent Vaccination Warnings in Canada
- Former AL MVP Josh Donaldson Announces Retirement After 13-year Career
- Nintendo Emulator Yuzu Halts Operations After Settlement with Nintendo
- Rougeole: Une dizaine de cas confirmés au Québec, rappel à la vaccination
- Telangana CM Seeks PM Modi’s Support for State Development
- Business Mogul Dangote Names Major Road After Late Banking Icon Herbert Wigwe
- South Western Railway Launches Anti-Abuse Campaign After Verbal Assaults on Staff
- Texas Considers Year-Round Daylight Saving Time: What You Need to Know
- Euro Area Bank Interest Rates Show Varied Trends in January 2024
- Matildas Captain Sam Kerr to Stand Trial for Racially Aggravated Harassment
- Naira to Dollar Black Market (Bureau De Change) Exchange Rate Today
- March Madness and Vasectomies: The Trend of Vas-Madness
- Arsenal Dominate in Premier League Clash Against Sheffield United
- Darts Commentator and Bullseye Host Tony Green Dies at 85 After Battle with Alzheimer’s
- Jason Kelce Announces Retirement After 13 Seasons with the Philadelphia Eagles
- Sydney Sweeney’s Fiancé: All You Need to Know
- Gold Prices Hit Three-Month Peak on Rate Cut Bets