Stock market today: Despite weak sentiments in the Indian stock market, Yes Bank shares witnessed strong buying interest during the opening bell. Yes Bank share price today opened upside at ₹25.80 apiece on NSE and went to touch an intraday high of ₹26.75 per share level within a few minutes of the opening bell.
According to stock market experts, Yes Bank shares have been under the sell-off heat after touching a new 52-week high of ₹32.85 apiece on 9th February 2024. They advised positional investors to maintain a 'buy on dips' strategy despite a retracement of over 20 percent in Yes Bank share price from this 52-week high.
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The stock market said that Yes Bank share price has crucial support placed at ₹25 whereas the stock has strong support placed at ₹21 apiece.
Triggers for Yes Bank shares
Advising bottom fishers to cash in this opportunity, Shreyansh V Shah, Research Analyst at StoxBox said, "We believe that most of the hurdles that Yes Bank had in the past concerning asset quality have been resolved and has been able to manage a healthy Capital Adequacy Ratio for some time. The price rally in the last few weeks also showcases that market participants are viewing it as positive, with most of the legacy issues behind it."
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"We believe that Yes Bank will now have to focus on growing its Net Interest Income to sustain the interest of investors. Also, the road ahead may be difficult for the bank as intense competition in the industry may act as a hurdle to generating healthy RoA in the medium term. However, with healthy PCR, we do not see any stress on the bank's asset quality going ahead," the StoxBox expert added.
Yes Bank share price target
Advising the 'buy on dips' strategy, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have immediate support placed at ₹25 apiece level. However, the scrip has crucial support placed at ₹21 apiece. So, those who have Yes Bank shares in their stock portfolio, are advised to hold the scrip maintaining a stop loss at ₹21 per share level, and keep on adding more on every big dip. The stock may soon touch ₹30 to ₹32 levels."
On the suggestions to fresh investors, Sumeet Bagadia of Choice Broking said, "Fresh investors can buy Yes Bank shares at current levels and maintain buy on dips strategy maintaining stop loss at ₹21 per share levels. They can hold the scrip for near-term targets of ₹30 and ₹32 apiece."
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 22 Feb 2024, 11:46 AM IST
