Yes Bank shares under selling pressure after hitting 52-week high 24.75 per share on the NSE in December 2022. In nearly two months after climbing to a 52-week high, Yes Bank’s share price has recovered 35 per cent to the level that Yes Bank’s share price is trading around today. 16.35 per share level on the NSE. However, Edelweiss Mutual Fund is unaffected by this fall in Yes Bank shares.
Edelweiss Mutual Fund’s stake in Yes Bank
The asset management company (AMC) has increased its stake in Yes Bank by buying more shares of the private lender in January 2023. As on January 31, 2023, Edelweiss Mutual Fund held 4,84,135 shares while the AMC held 4,65,671 shares of Yes Bank. On 31 December 2022. This means that AMC has bought more shares of Yes Bank in Jan 2023 following the bottom fishing strategy.
According to stock market experts, Yes Bank share price is trading in a range since 16 The stock may face some further erosion as 24 more major banks like three-year lock-in IDFC First Bank, Axis Bank, HDFC Bank etc expiring in March 2023. since 14 16 more sales range since 24 26 each. He advises positional investors to buy since 14 16 The one-time lock-in trigger sale occurs in March.
yes bank share price outlook
Speaking on Yes Bank share price outlook, Ravi Singhal, CEO, GCL Broking said, “Yes Bank’s margins are at peak and now the market is expecting good news on this front. However, improvement in asset quality and control It will take time to arrive. But, investors are advised to keep an eye on fresh shares of Yes Bank coming to the retail market due to the expiry of the three-year lock-in in March 2023. IDFC First Bank, HDFC Bank, Axis Bank, etc.”
On Yes Bank share price outlook, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said, “Yes Bank stock has seen a nice erosion from higher levels. 24.75 and has come close to the important 200DMA level 16 with the intensity of selling pressure reducing. Apart from this, the stock has made a return of 61.80% and is seen close to the good support zone. 16 zones. The RSI indicator has turned flat after anticipating a trend reversal in the coming days. a decisive step into the past 17.50 level will further correct the bias and trend from where we can expect more pullbacks.”
Positional investors are advised to wait for some time as the stock may see some further downside as the lock-in ends in March, Ravi Singhal of GCL Broking advises investors to buy. yes bank shares since 14 16 in range and book profit since 24 26 per share range.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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