Stock market today: Yes Bank shares have been in uptrend for near one month. However, it seems that the private bank stock is still not in mood to stop its rally. Yes Bank share price today opened upside and went on to climb to a new 52-week peak of ₹23 per share levels on NSE, logging an intraday gain of near 5 per cent during Monday stock market deals.
According to stock market experts, Yes Bank shares are looking strong from both technical and fundamental perspective. They said that Yes Bank shares have broken 200 days exponential moving average (DEMA) for the first time in near four years. Market experts said that Yes Bank shares are looking positive on chart parttern after giving fresh breakout on chart pattern at ₹21 apiece levels. So, in short term, one can expect the banking shares to touch 25 and ₹28 apiece levels.
Why Yes Bank shares are skyrocketing?
Highlighting upon the strong fundamentals that may continue to help Yes Bank share price rally, Rakesh Bansal, Co-founder & Co-partner at Rakesh Bansal Ventures said, “Yes Bank’s fundamentals are looking strong after 2018 crisis. In annual report of Yes Bank, the private lender has reported that it has 75 lakh happy customers. The lender has also reported 3.54 lakh crore total assets and 2.03 lakh crore total advances.”
“In current age of digital payments, Yes Bank is number one in UPI payments and NEFT outward transactions. It governs 22.80 per cent market share in digital payments transaction volume in India. Apart from this, Yes Bank Ltd has 1,192 branches in 700 cities across India. Its total number of ATMs are around 1300 in these 700 cities. Most importantly, its ESG score among Indian banks is 68/100,” said Bansal adding, “Yes Bank has reported second straight year of profitability in FY23 with YoY growth of 9.20 per cent.”
Yes Bank share price target
Expecting further upside in Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have recently given breakout at ₹21 apiece levels on chart pattern and the stock may touch ₹25 apiece levels in near term. On breaching this hurdle decisively, the stock may go up to ₹28 per share levels in short term.”
Bagadia advised Yes Bank shareholders to hold the scrip by updating their trailing stop loss at ₹21 per share levels. For those who missed to take advantage of this rally, Sumeet Bagadia advised ‘buy on dips’ strategy for above-mentioned targets maintaining stop loss at ₹21 per share levels.
Yes Bank share price history
Yes Bank shares have been in uptrend after ushering in the financial year 2023-24. In FY 2023-24, Yes Bank has risen from around ₹14.75 to ₹23 apiece levels, delivering to the tune of 55 per cent in FY24. In last one month, Yes Bank share price has ascended from around ₹20.15 to ₹23, logging near 15 per cent rally in this time. Likewise, in last six months, Yes Bank share price has rallied around 40 per cent.