YES BANK share price today: This stock gives crucial breakout at 16.40 closing price on Tuesday; Great Positive says expert Nilesh Jain, gives this target
YES BANK share price today: Investors of Yes Bank stocks have a good news to cheer about. This stock today ended the day on a positive note, closing the days session at Rs 16.40 on NSE, gaining by almost 17 per cent or Rs 2.35. In the process it has given a crucial breakout
YES BANK share price today: Investors of Yes Bank stocks have a good news to cheer about. This stock today ended the day on a positive note, closing the day’s session at Rs 16.40 on NSE, gaining by almost 17 per cent or Rs 2.35. In the process it has given a crucial breakout.
Technical Analyst Nilesh Jain Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that this breakout is a big one and decisive and Yes Bank Stocks are now poised for an upward movement. Jain said that the upside in this stock is open now and he expects the price to touch levels around Rs 18.
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He also warned the investors about the existing nature of this stock. The AVP said that the stock movement is usually based on the news or developments.
He further said that the decisive closing above Rs 16 on Tuesday was positive and may also invite some profit booking. However, the sentiment remains positive, he further said.
Anybody who has a long position on this stock should continue with it and those who want to take fresh positions should wait for dips.
He said that that he expects the stock to trade in the green on Wednesday. If the Yes Bank stock opens up, it is likely that it would test Rs 18 over the next few trading sessions.
The Yes Bank stocks has undergone a breakdown reaching levels around Rs 14. Jain said that the Yes Bank stocks had undergone symmetrical triangle breakdown pattern.
If you are an investor in the Yes Bank stocks, then this investment tip might prove to be useful for you. The AVP had earlier said that the stock would continue to show “Sell on Rise” trend till it achieves a crucial level of Rs 16.
The AVP had also said that the levels of 16 was important and could trigger a trend reversal in the Yes Bank Stocks.
He still maintains an “AVOID” strategy on Yes Bank shares for now and advises investors not to take any fresh long positions on it.
This stock has been under the breakdown since it breached the levels around Rs 15.60.
For all kinds of investors, the right thing is to Wait and Watch, Jain said. He said that some investors may be tempted to continue holding this stock because it once hit levels around Rs 21, so there is some euphoria around this level, he said.
Yes Bank’s 52-week low is around Rs 11.10, which it achieved on 28 July 2020.
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