Stock market today: Yes Bank shares have been in uptrend after Diwali 2023. On the following session post-Muhurat trading, Yes Bank shares opened flat but soon witnessed sharp upside movement when it informed Indian stock market bourses about receipt of ₹120 crore fro sale of NPA portfolio to JC Flowers ARC. After that the private lender stock has been bouncing back strongly after profit booking trigger.
Mainting its uptrend further, Yes Bank share price today bounced back again after falling for three straight sessions. Yes Bank share price today opened upside and went on to hit intraday high of ₹19.95 apiece on NSE, logging near 3 per cent rise from its Wednesday close of ₹19.20 per share levels.
According to stock market experts, Yes Bank share price is looking positive on chart pattern and positive update on NPA portfolio is providing support at lower levels. They said that Yes Bank share has support placed at ₹18.50 apiece levels whereas it is facing immediate resistance at ₹22 per share levels. They said that on breadching this immediate resistance, it may go up to ₹25 apiece in near term whereas in mid term, it may go up to ₹28 to ₹30 per share levels.
Why Yes Bank share price is skyrocketing?
On why Yes Bank share price is in bull trend, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank shares have been uptrend after it infomed Indian exchanges about receipt of ₹120 crore from sale of NPA portfolio to JC Flowers ARC. This is a big positive update and stock market investors have gone bullish after thsi update.”
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Yes Bank share price target
On important levels that Yes Bank shareholders should know, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have immediate support placed at ₹18.50 apiece levels and on upper side, Yes Bank share price has hurdle placed at ₹22 apiece levels. So, those who have Yes Bank shares in portfolio, they are advised to hold the scrip maintaining stop loss below ₹18.50 levels. On breaching resistance at ₹22 per share levels, Yes Bank shares may go up to ₹25 per share levels in short term. However, in medium term, the stock may go up to ₹28 to ₹30 per share levels provided it sustains above ₹22 for some sessions.”ntain
Yes Bank news
In its exchange filing after Diwali 2023, Yes Bank said, “This is with reference to our earlier disclosure pertaining to Sale of NPA Portfolio to JC Flowers ARC on December 17, 2022. In this regard, the Bank would like to inform that it has received a redemption amounting to ~INR 120 crores from a single trust in the Security Receipts Portfolio. Since the net amount (redemption quantum, in excess of the underlying carrying value of the trust), is more than the materiality threshold as prescribed under the amended Listing Regulations, the said event, is being hereby disclosed under Regulations 30 of Listing Regulations.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Updated: 23 Nov 2023, 02:41 PM IST