Yes Bank share price skyrocketed 24 pct yesterday! Time to get rich? Check tips from experts
Yes Bank share price skyrocketed more than 24 per cent yesterday as there was news of an equity investment coming into the bank from a global investor.
Yes Bank share price skyrocketed more than 24 per cent yesterday as there was news of an equity investment coming into the bank from a global investor. This investment news boosted the sentiment of the stock market investors that led to the Yes Bank share price rising to Rs 80+ stock level. However, if we go by the share market expert's views, the Yes Bank shares may not go beyond Rs 82 per stock levels and therefore, people should avoid taking any buy position in the banking counter till its quarterly results are out today. Much depends on the Yes Bank Q2FY20 results, which are expected to be unveiled today.
Zee Business Managing Editor, Anil Singhvi has shared his views and said that Yes Bank is the only private sector bank that is trading below its book value. Singhvi said that the question is not whether a big foreign investor is showing an interest in the lender or not, in fact by investing Rs 8,000 crore, Yes Bank may not be able to overcome all its problems. So, it is advisable, for investors to wait for its Q3 results to be revealed, he concluded.
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Speaking on the Yes Bank share price outlook, Santosh Meena, Sr. Analyst at TradingBells said, "Yes Bank has rallied 171 per cent from the low of 29, which was made on the 1st of October month, it was the last day of selling of pledged shares. It rallied about 27 per cent in October 31st trading session after news that it receives interest from strong global players for equity infusion which is a major requirement for the bank. Technically 79-81 is a critical resistance zone which is also near the previous QIP price of 87, therefore, it is difficult to see further upside from here in the near term and it will post its Q2 results which may cause some selling pressure. In the short term, investors should avoid any long position at the current level while a correction in the 60-55 zone will be a better opportunity to take a risk as a long term bet."
Prakash Pandey, MD & CEO at Plutus Advisors said, "The Yes Bank shares are currently in the range of Rs 60 to Rs 82 per stock levels and any equity infusion won't do much to the shares because a share runs on earnings and valuations. After the equity infusion in the Yes Bank, the EPS (Earning Per Share) of the Yes Bank counter will go down and hence there are little chances for the Banking counter to break its upper resistance of Rs 82."
However, Pandey said that much depends upon the Yes Bank Q2FY20 Results that are coming today. If the second-quarter results of Yes Bank are promising and they announce the name of the company that is going to invest through the equity route in the Yes Bank, then only we can expect some more rally in the counter.
Therefore, Pandey told share market investors to avoid taking any position in the Yes Bank stocks till its second-quarter results are out.
Keywords: Yes Bank, Yes Bank share price, yes bank q2fy20 results, yes bank shares, yes bank second quarter results, yes bank quarterly results
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