Today's stock market: Yes Bank shares have been rising for nearly a month. However, it appears that the private bank stock is not about to cease rising. Yes Bank's share price today opened higher and climbed to a new 52-week high of 23 per share on the NSE, logging an intraday gain of about 5% during Monday stock market trades.
Yes Bank shares, according to stock market experts, are looking solid from both a technical and fundamental standpoint. Yes Bank shares have broken through the 200-day exponential moving average (DEMA) for the first time in nearly four years, according to the report. According to market experts, Yes Bank shares are looking optimistic on chart pattern after a fresh breakout on chart pattern at 21 apiece levels. So, in the short term, one should expect banking stocks to trade between $25 and $28.
Why are Yes Bank's shares so high?
"Yes Bank's fundamentals are looking strong after the 2018 crisis," stated Rakesh Bansal, Co-founder & Co-partner at Rakesh Bansal Ventures, highlighting the strong fundamentals that may continue to support Yes Bank share price climb. Yes Bank's annual report stated that the private lender had 75 lakh satisfied customers. The institution also declared total assets of 3.54 lakh crore and total advances of 2.03 lakh crore."
"In this day and age, Yes Bank leads the way in UPI payments and NEFT outward transactions." It controls 22.80% of the digital payments transaction volume in India. Yes Bank Ltd also has 1,192 branches in 700 locations across India. It has approximately 1300 ATMs in these 700 cities. Most crucially, its ESG score among Indian banks is 68/100," Bansal said, adding, "Yes Bank announced its second consecutive year of profitability in FY23, with YoY increase of 9.20 percent."
Yes Bank's share price objective
"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," said Sumeet Bagadia, Executive Director at Choice Broking. If this barrier is convincingly overcome, the stock might rise to 28 per share levels in the short term."
Bagadia urged Yes Bank shareholders to keep the stock by increasing their trailing stop loss to 21 cents per share. For those who lost out on this rise, Sumeet Bagadia recommended a 'buy on dips' strategy with a stop loss of 21 per share for the above-mentioned targets.
History of Yes Bank share prices
Yes Bank shares have been rising since the start of the fiscal year 2023-24. Yes Bank has climbed from roughly 14.75 to 23 apiece levels in FY 2023-24, producing to the tune of 55% in FY24. Yes Bank's share price has risen from roughly 20.15 to 23, representing a near 15% increase in one month. Similarly, Yes Bank's share price has increased by roughly 40% in the last six months.
