Over the past six months, the stock of Yes Bank has increased by 37 percent. By contrast, the benchmark Nifty 50 has increased by 12.50 percent.
Yes Bank’s shares have increased by around 63% after they fell to a 52-week low of Rs 14.10 on October 23, 2023.
Renewed investor interest may keep Yes Bank stock in the green in the short term. The private lender’s announcement that it would receive Rs 150 crore from a single trust in a security receipts portfolio after the NPA portfolio sale sent the stock soaring 7% on January 1 and closer to its 52-week high of Rs 23.05.
The exchanges were notified on December 31 by Yes Bank that it had received Rs 150 crore from a single trust in the security receipts portfolio. “This is with reference to our earlier disclosure pertaining to the sale of the NPA portfolio to JC Flowers ARC on December 17, 2022,” the lender stated.
The sum (above the trust’s underlying carrying value) is declared under Listing Regulations 30 because it exceeds the threshold for materiality as set forth in the modified Listing Regulations, according to the lender.
Yes Bank’s total market capitalization reached nearly Rs 66,000 crore after the announcement, thanks to the sharp increase in share price. At 1:20 pm, the stock pared some gains and closed 4.6 percent higher at Rs 22.45 on the National Stock Exchange (NSE). The scrip had settled at Rs 21.46 in the previous trading session on Friday.
Yes Bank’s shares have increased 37 percent over the previous six months, while the benchmark Nifty 50 has risen 12.50 percent. The stock has surged almost 63 percent from its 52-week low of Rs 14.10 reached on October 23, 2023.
Experts provide ten stock suggestions for the January series as bulls relax ahead of a new rise.
After continuing consolidation, experts predict that the Nifty 50 will concentrate on the 21,800–22,000 levels in the upcoming weeks. They also anticipate that the Nifty 50 will take support at the 21,700–21,500 levels and recommend a buy-on-dips approach.
The market closed 2023 with gains of 1.8%, and on the weekly charts, it created a long bullish candlestick pattern. The previous week’s Doji-style candle formation suggested that bulls are still in the lead.
After the ongoing consolidation, experts expect the Nifty 50 to focus on 21,800–22,000 levels in the coming weeks, taking support at 21,700–21,500 levels and advising buys on dips. Even the higher highs and lower lows have continued week after week, and the momentum indicators are showing a positive bias.
On December 29, the Nifty 50 closed at 21,731, up 8% for the month and 20% for the year.
Technical analyst Rajesh Bhosale of Angel One stated, “Any market dip should be viewed as a buying opportunity unless there are clear indications of a major price correction. It is advisable to book profits at higher levels rather than taking an aggressive stance while the market is still bullish and there are no signs of weakening.””
Yes bank :
Strong support, in his opinion, is located around the week’s low, which is around the 21,300 level. Immediate support is seen at 21,600, then 21,500.
21.850 and 22,000 provide an immediate obstacle given the overbought conditions, he noted, even though prices are in an unknown area with no obvious barrier visible.
Jigar Patel, senior manager of equities research at Angel One, predicts that the Nifty will likely face psychological resistance near 22,000 and 22,400. The Nifty index may still increase somewhat, but this may be the final leg of the rally, followed by significant profit booking. “Traders are advised to use caution when taking long positions as these levels may signal the start of a correction.