Yes Bank Share Price Drops For The 3rd Consecutive Day
Jaipur, India, Circa 2020 - A mobile logged into the yes bank mobile application infront of the yes bank board. The background board is brightly lit. The screen shows the mobile application logging in.
Yes Bank share price (NSE: YESBANK) turned extended its losses by another 2.54% on Wednesday. This marked the third consecutive daily loss in the stock of the Indian private lender and put an end to a remarkable rally.
After this week’s drop, the stock is now trading 9.6% from its monthly highs. However, a retest of the yearly highs is still on the cards as the bulls still have the upper hand due to a breakout above a major resistance level.
This month’s surge in the shares of Yes Bank occurred due to a 47.4% surge in the Q3 net profit on a YoY basis. Additionally, the net income of the bank also showed a 3.3% increase, further contributing to the price surge.
Yes Bank share price forecast is still bullish as it is still trading above the 18.55 resistance level. However, the outlook may drastically change if the price drops below the key level once again. The following chart also shows that the price is respecting an upward trendline since its bottom in March 2023.