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 been consolidating below a key resistance level since March 2023. The shares are currently 29% down from their yearly high. The latest analysis reveals that the time is running out for the bulls as the price is retesting a major resistance level on the chart.
Yes Bank shares opened higher on Tuesday, but the seller turned the candle red once again. Earlier, the stock of the Indian bank gained 1.92% on Monday. Nifty 50 and BSE Sensex, the benchmark indices of Indian equities, remained positive today as both indices gained 35 and 122 points, respectively.
According to the most recent Yes Bank news, the company has launched a new logo with a new brand identity. The bank has also rolled out a marketing campaign with the tagline ‘Life ko banao rich.’ In other news, the Yes Bank Q4 FY23 results showed a decrease of 45% in its net profit due to higher provisions and expenses. This has quite adversely affected the Yes Bank share price.
Recently, ICICI Securities has revised its outlook on the Yes Bank. The brokerage has downgraded the stock from ‘hold’ to ‘reduce’, considering its risk-reward ratio. The revised Yes Bank share price target after the downgrade is Rs 13.5. The reason behind this outlook is the concern over the company’s operating earnings profile.
The following NSE: YESBANK chart shows that the ₹16 support has been acting as a huge resistance for the stock since it broke below it. The same region had earlier acted as a support zone. Currently, the shares are retesting this level which may result in a pullback in the coming days.
A breakdown above this level can make Yes Bank share price forecast very bullish. In this scenario, the first target for the bulls will be the April high of 17.3. However, the bearish scenario appears to have a higher likelihood. In case of a rejection the stock may retest its yearly lows that lie at 14.3.
I’ll keep posting my updated analysis on Yes Bank shares in my free Telegram group, which you’re welcome to join.
This post was last modified on May 30, 2023, 12:42 BST 12:42