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YES Bank Shares Plunge After Snapping 4-Day Gains



Yes Bank Shares Plunge After Snapping 4 Day Gains

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.

Rachel Adams

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