Yes Bank shares extend gain on fifth day in a row. Should you buy in this rally?
Yes Bank shares have been in uptrend for last five sessions. After trading sideways for near two months, Yes Bank share price has risen from ₹16.05 to ₹17.45 apiece levels in last five sessions, delivering near 9 per cent in this time.
According to stock market experts, Yes Bank share price has been rising after giving breakout at ₹16.50 apiece levels and it may go up to ₹20 in near term if the uptrend continues further. Giving 'stocks to buy' tag to Yes Bank shares, experts advised fresh investors and Yes Bank shareholders to maintain stop loss at ₹15 apiece levels.
On reason for giving 'stock to buy today' tag to Yes Bank shares, Vaibhav Kaushik, Research Analyst at GCL Broking said, "Yes Bank has declared positive business update where it has informed improvement in its financials. That's why we saw strong rise in the stock on Wednesday.
In fact, market was expecting such business update from the company after the announcement of fund raise at the beginning of this month. That's why Yes Bank shares were in rising for the last four sessions." Advising fresh investors to maintain 'buy on dips' strategy on Yes Bank shares, Anuj Gupta, Vice President — Research at IIFL Securities said, "Yes Bank shares have given breakout at ₹16.50 apiece levels and it is now facing immediate hurdle at ₹19.70 per share levels.
Once the stock closes above this hurdle, we can expect Yes Bank shares to go up to ₹22.50 and ₹25 apiece levels in short to medium term. The stock has strong support placed at ₹15 apiece levels and any dip should be seen as buying opportunity by positional investors of Indian stock market." On advice to Yes Bank shareholders, Anuj Gupta said, “Yes Bank shareholders should hold the stock for near term target of ₹20
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