- Yes Bank share price has resisted pressure to break below ₹20 but what are the odds it could hold in the current short-term profit taking?
Yes Bank share price snapped its four-day winning streak on Thursday, trading at ₹20.10 after declining by 0.7%. Today’s dip looks like a shirt-term profit taking phase, as there has not been any significant disruption to the bank’s fundamentals. Despite the decline, however, the stock has managed to stay above the psychological support at ₹20.00, raising the prospect of staying on a broader upward trajectory.
Notably, Yes Bank share price underwent a 14-day EMA and 10-day EMA crossover on Wednesday, signaling a potential onset of bullish control. The stock has been ranging between ₹19.40-₹19.50 for the most part in the last five trading sessions, and price action relative to that level should be weighed against the trading volume for cues on the likely trajectory.
The stock’s medium-term outlook is positive-leaning, with investors buying into SMBC’s stake acquisition earlier this month. In addition, analysts have been raising their price targets for the stock. In its recent outlook, Moody’s upgraded Yes Bank to Ba2, signifying a stable status for the private lender. In the medium-term, the bank will release its quarterly earnings in mid-July and fresh volatility could be experienced in the lead-up to the release. Also, the RBI’s recent interest rate cut could see the bank strengthen its loan book, adding support to its broader growth.
Yes Bank Share Price Prediction
Yes Bank share price pivots at ₹20.00 and the upside will prevail if the action stays above that level. With the buyers in control, that momentum will likely meet initial resistance at ₹20.30. An extended control by the buyers will breach that level and could extend gains to test the second resistance at ₹20.70.
On the other hand, breaking below ₹20.00 will favour the sellers to take control. That will likely see primary support established at ₹19.70. If the price breaks below that level, the upside narrative will be invalid. Also, such a momentum could send the action lower to test ₹19.40.
This article is also available in: Polski, Nederlands, हिन्दी, Deutsch, Italiano, Español, Türkçe.