Yes Bank’s stock has jumped by about 17 percent in a single day. This stock has given 23.4 percent returns in four days and 20 percent in one month. Market analyst says that the chart pattern of this stock shows that there is a possibility of further upside in this stock.
There was a strong jump in the shares of Yes Bank on Wednesday, 6 April. This stock has given a return of 20 per cent in a month. The stock has gained 23.4 per cent in the last four days itself. Now market analysts have also started giving positive response regarding this stock.
Some market experts say that this stock can touch the level of 16 to 20 rupees in the near future. The stock is making a good pattern on the technical chart as well. There is every possibility of giving good returns of this stock in the coming days as well. On Wednesday, this stock jumped 16.92 percent and it closed at Rs 15.20.
According to a report in Economic Times, Milan Vaishnav, founder of Gemstone Equity Research Service, says that since October 2021, the stock of Yes Bank is moving in the range of Rs 12 to 15. It is moving above all its major moving averages. Vaishnav says that the recent rally is not the result of its technical indicators. They say that 15.20 is its resistance level.
Can go up to Rs 20,
HDFC Securities Technical Research Analyst Nagraj Shetty says that this week’s increase in the stock has raised the possibility of a breakout level of Rs 15.50. Technically, such a sharp jump indicates further growth.
If the stock moves above the level of 15.50 -16, then it can again touch the level of Rs 19.50-20. Chatty says that the share of Yes Bank can touch this level in the next one or two months.
Nilesh Jain of Centrum Broking says that Yes Bank has given a fresh breakout from the falling trend line with more than average volume. The stock has crossed all the short term and long term moving averages.
At the same time, Momentum indicators and Oscillators have given fresh crossover on the daily chart as well. Jain says that the chart patterns are indicating that this stock can go to the level of Rs 16-18. This stock is getting support at the level of Rs 13 and investors should keep a stop loss for the long term.
