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 (NSE: YESBANK) share price has the attention of all types of investors as the stock is showing good strength. Last week, the shares of the Indian banking giant attempted to break out but failed to break above the April 2023 highs. Consequently, the shares fell 0.90% on Friday.
Yes Bank shares kept plummeting on Monday and fell by another 1.2%. At press time, the shares were changing hands at 16.40. Nifty 50 and BSE Sensex, the benchmark indices of Indian equities, remained positive today as both indices gained 38 and 17 points, respectively.
As per the latest Yes Bank news, it has become one of the first banks to participate in the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) retail pilots. The pilot project started in December 2022 and has been expanding every week.
In other news, Yes Bank plans to expand its net interest margin by 100 basis points over the next three years. This may have a positive effect on the Yes Bank share price. As per the Managing Director and CEO Prashant Kumar, the bank intends to achieve this by raising low-cost deposits and lending to higher-yield clients.
As visible on the following NSE: YESBANK chart, the price finally broke above the 16.10 resistance a couple of weeks ago. This resulted in a bigger push to the April 2023 high of 17.3. However, the price failed to break above this resistance and faced rejection.
Yes Bank share price forecast will become very bullish if the price breaks above the 17.3 level. In this scenario, the first target for the bulls will be the April high of 19.65 level to fill the gap left in January 2023. However, a rejection from this level will be brutal as it can tank the price below 15.50, where lies the May 2023 lows.
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This post was last modified on Jun 12, 2023, 13:11 BST 13:11