Yes Bank share jumps 5% after ‘trendline breakout’. Should you buy?
₹15.50 to ₹17 apiece levels. However, the stock remained over ₹16 apiece levels for entire one month and gave a final breakout above ₹16.50 levels during Tuesday deals.
Yes Bank share price today opened with an upside gap and went on to hit intraday high of ₹17.20 apiece levels, logging more than 5 per cent rise against its Monday close of ₹16.35 per share on NSE. According to stock market experts, this rise in Yes Bank shares is completely technical as the stock has given trendline breakout at ₹16.50 levels.
However, they maintained that the stock may become bullish for short term if it manages to close above ₹17.25 apiece levels. Experts said that currently Yes Bank shares have immediate hurdle placed at ₹17.25 apiece levels and giving breakout at this level on closing basis may open an upside sentiment for ₹20 per share target.
On why Yes Bank share price is rising today, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, “Yes Bank share price has been hovering above ₹16 levels for near one month. today, it has given a trendline breakout at ₹16.50 levels and it may go up to ₹19 apiece levels in near term as the rise in completely technical.
Those who have this stock in portfolio are advised to maintain a trailing stop loss at ₹14.70 levels." On whether one can buy Yes Bank shares today, Sumeet Bagadia, Executive Director at Choice Broking said, "Fresh buying is recommended above ₹17.25 per share levels. It is a fresh breakout level and once the stock closes above this levels, then one can buy this stock for immediate target of ₹20 per share levels maintaining stop loss at ₹15 apiece levels." However, Sumeet Bagadia maintained that Yes Bank share price may go up to ₹22 in short to medium term if
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