YES Bank share price jumps over 7%; is the stock buy-worthy? Here's what technical experts say
YES Bank share price jumped over 7 per cent in morning trade on BSE on Tuesday, December 12, amid reports that the lender has invited expressions of interest for the sale of NPAs worth ₹4,234 crore. "YES Bank has invited expressions of interest (EoI) for the proposed sale of NPAs worth ₹4,234 crore," according to a report by The Hindu Businessline. "The private sector lender has put on the block corporate NPAs worth ₹3,092 crore which includes fund-based outstanding of ₹3,073.66 crore and non-fund-based outstanding of ₹17.83 crore as of October 31, 2023," the report further added.
YES Bank share price opened at ₹20.46 against the previous close of ₹20.26 and jumped 7.11 per cent to touch its intraday high of ₹21.70. Around 11:50 am, the stock was up 5.77 per cent at ₹21.43. YES Bank share price hit its 52-week high of ₹24.75 on December 14, 2022, and its 52-week low of ₹14.10 on October 23, 2023.
In about one and a half months, the stock has jumped 54 per cent. However, it is still 14 per cent below from its 52-week high level. Technical indicators are flashing positive signals for the stock and experts are of the view that the stock is buy-worthy at this juncture.
According to Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, YES Bank stock has recently indicated a higher bottom formation pattern on the daily chart taking support near ₹19, giving a breakout above ₹21.20 with decent volume participation to improve the bias. "The next target would be near ₹24.50 of the previous peak level and with major support maintained near ₹19, one can carry on with the long position," said Koothupalakkal. Also Read: IREDA share price hits all-time high, up 218% from its issue price According to Jigar S.
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