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Yes Bank Share Price Outlook: Bears Are In Control

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 started another week with negative price action. On Monday, Yes Bank stock fell 0.89% on Monday. Nifty 50 and Sensex Indices both experience minor losses in the first trading session of the week. Nifty 50 Index closed the day at 0.48% and Sensex closed at 0.41%.

The fundamental reasons behind the ongoing downtrend in Yes Bank share are the poor Q3 financials. A recent High Court’s order also quashed the write-off of the bank’s tier 1 bonds which made the things worse.

According to the most recent Yes Bank news, the bank has approached the Supreme Court to challenge the High Courts ruling. This has brought a sigh of relief to the investors who took heavy losses after the court ordered to write off of AT-1 bonds of worth ₹8400 crores. The stock price is yet to react to the news.

In other news, Yes Bank has appointed Rajan Pental as its executive director. The appointment has been made for a period of 3 years. Mr. Rajan is also working as the as the Global Head of Retail Banking in Yes Bank. Recently, the bank reported a PAT of ₹51.5 crores in Q3 of its fiscal year. This was a 80% decline from the last year’s stats for the same quarter.

YES Bank Share Price Chart

Not much has changed since our last week’s analysis of Yes Bank. The ongoing price action has failed to attract any buyers despite losing 20% of its value since the start of the year. The downtrend appears to have been also affected by the ongoing Adani-Hindenburg controversy which has dried up the liquidity in the markets.

Our Yes Bank Share price prediction would remain bearish until the price reclaims the 200-day moving average. This indicator currently lies ₹17.85 which is 7% above the current price. A reclaim of this level would also put the price back above the upwards trendline.

In the coming days, I also epect the price to retest the October 2022 low of ₹15.35. There could be a strong rebound by the price from this region which has previously acted as a good support.

Yes Bank share price chart
Yes Bank Share Price Chart