YES Bank Share Price Today: LIVE Updates and Analysis What is the future of Yes Bank share price?

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In the dynamic world of finance, the performance of banks can sway like the tides. YES Bank, a prominent private lender, recently experienced a notable shift in momentum during a trading session, reflecting the broader fluctuations in the financial markets. This article delves into the events and factors surrounding YES Bank’s share price, from its recent trading behavior to upcoming board meetings and its rating upgrade by CARE Ratings.

Board Meeting and Financial Results

The YES Bank board of directors is gearing up for a crucial meeting scheduled for Saturday, October 21, 2023. The primary agenda of this meeting is to review and approve the unaudited standalone and consolidated financial results for the quarter and half-year ending on September 30, 2023. This announcement was made through an exchange filing by the bank on a Wednesday, adding to the anticipation surrounding the institution.

Market Fluctuations

During the recent trading session, YES Bank’s share price witnessed a rollercoaster ride. The stock initially saw a surge, with shares rising over one percent to reach Rs 17.20, resulting in a total market capitalization exceeding Rs 49,500 crore. However, the bullish sentiment didn’t last, and the stock later retraced its gains, settling at Rs 17.10 by the end of the session. This shift mirrored the closing price from the previous trading session on Wednesday, leaving investors with mixed sentiments. yes bank credit card status

Analyst Caution

Technical analysts have raised a word of caution regarding YES Bank’s short-term prospects. They point out that the stock is currently hovering near crucial support levels. To pave the way for substantial upward movement, it must surpass and maintain levels above immediate resistance at Rs 17.50-18. Given this scenario, analysts advise against trading in the near term.

Historical Performance

Over the past two years, YES Bank has faced challenges in achieving significant price appreciation (yes bank share price). Although there were sporadic attempts to break higher, persistent selling pressure at critical levels has maintained a bearish bias. Avdhut Bagkar, a Derivatives & Technical Analyst at Stoxbox, emphasizes that for a bullish run, the stock must convincingly breach the Rs 18 level and subsequently cross the Rs 20 mark to attract bullish accumulation. Until these milestones are achieved, caution remains the watchword for potential investors. yes bank credit card status

CARE Ratings Upgrade

Adding a positive note, rating agency CARE Ratings recently revised its rating for YES Bank’s debt instruments upward. The rationale behind this upgrade is the bank’s continued growth in YES Bank’s business, with a focus on diversifying advances and increasing the share of retail and SME lending. Additionally, there has been a reduction in YES Bank’s exposure to the higher ticket corporate lending segment, which bodes well for the bank’s future.

Technical Analysis

Ganesh Dongre, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, notes that YES Bank currently faces selling pressure, as observed over the last 3-4 days. To rekindle bullish sentiment, the stock needs to close above Rs 17.50. As of now, it’s trading at Rs 16.50, and traders may opt to wait for further consolidation before considering an uptrend.

Financial Performance

In the September 2023 quarter, YES Bank reported a 9.5 percent year-on-year (YoY) growth in advances, amounting to Rs 2,10,576 crore. On a quarter-on-quarter (QoQ) basis, advances increased by 5.2 percent. When adjusted for ARC transactions, advances growth soared by 12 percent YoY.

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Deposits Growth

Gross deposits for Q2FY24 stood at Rs 2,34,360 crore, marking a 17.2 percent YoY increase and a 6.8 percent QoQ growth. Excluding certificate of deposits (CDs), deposits exhibited an 18.3 percent YoY growth in the September quarter, showcasing the bank’s ability to attract funds.

Support and Potential Upside

Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, observes that YES Bank has experienced a gradual decline after encountering resistance near the Rs 19 zone. Currently approaching a crucial support zone at Rs 16.75, the stock may consolidate and potentially experience a pullback. A decisive close above the significant 50-EMA level at Rs 17.35 could bolster the outlook for further upward movement. In the short term, the target could be set at Rs 19, with a decisive breach confirming a breakout and targeting Rs 21 and Rs 24 levels.

Strategic Investments

In September 2023, yes bank made strategic investments by purchasing 1.8 crore shares in its wholly-owned subsidiary, YES Securities, at Rs 55.75 per share, with a total consideration of Rs 100 crore. This move aligns with the bank’s efforts to strengthen its broking arm. yes bank credit card status

Investment Considerations

For stock market swing traders and short-term investors, closely monitoring YES Bank’s stock prices in the upcoming days is recommended. This will provide valuable insights into the market’s reaction to YES Bank’s Q2 performance report. The current Relative Strength Index (RSI) for YES Bank stands at 41 to 52 for daily, weekly, and monthly time frames. Sustaining above Rs 18 could trigger fresh buying sentiments. Target expectations range from Rs 19.50 to Rs 37, with a suggested holding period of 3 months to 1.5 years. It is important to note that a stop loss post-18 breakout should be set at Rs 15.40, as advised by VLA Ambala from Stocks Market Today.

In conclusion

yes bank share price today performance in the financial market is subject to various factors, and investors should exercise due diligence and caution when considering this stock. The upcoming board meeting and Q2 performance report will likely play a significant role in shaping the bank’s future trajectory. However, it’s important to remember that the stock market is inherently volatile, and potential investors should seek advice from qualified financial advisors before making investment decisions.

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