Stocks to Watch – Yes Bank share – Stock trading below major breakdown level; what should investors, traders do with counter? Analyst recommends THIS
Nilesh Jain of Centrum Broking says that Yes Bank share price has been making lower tops and lower bottoms on the technical charts. Yes Bank stock is currently trading with a negative bias. He said that there was a major support level breakdown in this stock
Stocks to Watch – Yes Bank – Private Sector bank Yes Bank Limited shares were trading at Rs 10.85 on the NSE, which was down almost 0.5 per cent around 2:45 pm on Tuesday. If you are an existing investor in this stock or a trader who wants to make positions in this stock, then you must know what the expert thinks about this stock.
Nilesh Jain, Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking, said that Yes Bank share price has been making lower tops and lower bottoms on the technical charts. Yes Bank stock is currently trading with a negative bias. He said that there was a major support level breakdown in this stock. This level was at Rs 11.10. This breakdown has come after a major consolidation.
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This technical analyst has a word of caution for existing investors. He said that there is nothing much in terms of technical in this stock and there are other private sector and public sector banks that one must put their money in.
He expects a bounce to levels around Rs 12-12.50. His advice to investors is not to make any fresh positions in this stock. As for traders who are still willing to make a contra-bet should look for levels around Rs 9-9.50 to enter in this stock.
He said that investors can take the opportunity to exit the stock on a pull back.
The stock is currently trading at a discount of 50 per cent from its 52-week high level. Yes Bank shares achieved a high of Rs 20.75 on 11th December 2020. The 52-week low of this stock is Rs 10.50, which the stock hit on 23 August 2021.
The stock has moved both ways over the last 6-7 trading sessions on the NSE.
As for BSE, Yes Bank stocks were trading at Rs 10.86, down by almost 0.4 per cent around this time. The total volumes in this stock on BSE was around 1.17 cr. Meanwhile, on the NSE over 5.6 cr shares were trading around this time.
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