Yes Bank (NSE: YESBANK) share price has been rallying for the last two weeks. However, the shares of the Indian banking giant remain 6.8%, down from their yearly high. The latest analysis reveals that the shares have broken above a very critical level on the chart and now retesting it.
Yes Bank shares tanked on Monday and fell by 1.52%. The negative price action came after three consecutive green days. Nifty 50 and BSE Sensex, the benchmark indices of Indian equities, remained positive today as both indices gained 60 and 240 points, respectively.
According to the most recent Yes Bank news, it has collaborated with PayU and Visa to launch a Business Payment Solution Provider (BPSP) program for Visa Commercial Card customers. The program will reduce costs for merchants via several benefits, including flexible commercial offerings.
In other 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. Yes Bank share prices reacted negatively when these results came out.
In one of the most significant developments, the NSE: YESBANK finally broke above the 16.10 resistance last week. This resulted in a bigger push to the 16.65 level. Right now, the shares are retesting this level to flip it into support.
A reclaim of this level will 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. Rejection from this level will be brutal as it can tank the price below 15.50, where lies the May 2023 lows.
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 Jun 05, 2023, 15:39 BST 15:39