In today’s stock market activity, Yes Bank shares experienced a significant uptick, reaching a 10-month high and drawing attention from experts who foresee the potential for a multibagger in the making.
Yes Bank’s share price opened at ₹20.05 apiece on the NSE, initially seeing a downside gap, but quickly rebounded. The stock hit an intraday low of ₹19.80 per share before gaining momentum and reaching an intraday high of ₹20.60 per share. This surge marked a 10-month high and surpassed the higher levels recorded in February 2023.
Experts in the stock market are optimistic about Yes Bank shares, citing strength in both technical and fundamental aspects. Notably, the stock has broken its 200-day exponential moving average (DEMA) for the first time in nearly four years, indicating positive momentum.
Analysts pointed to Yes Bank’s annual report, highlighting the bank’s robust fundamentals, including 75 lakh happy customers, total assets of ₹3.54 lakh crore, and total advances of ₹2.03 lakh crore. The bank’s annual report reflects its financial health, signaling a positive outlook.
Furthermore, Yes Bank reported a second consecutive year of profitability in FY23, showing a year-on-year growth of 9.20%, adding to the positive sentiment surrounding the stock.
Rakesh Bansal, Co-founder & Co-partner at Rakesh Bansal Ventures, emphasized the strength of Yes Bank’s fundamentals, predicting it to be a potential multibagger in the next two to three years with a target of ₹40 per share.
Mehul Kothari, AVP — Technical Research at Anand Rathi, indicated that Yes Bank’s share has confirmed a range breakout above ₹19.50 levels, setting the stage for higher levels of ₹22 to ₹24 in the coming weeks.
Sumeet Bagadia, Executive Director at Choice Broking, advised a ‘buy on dips’ strategy for both fresh investors and existing Yes Bank shareholders. He noted that Yes Bank shares are currently facing resistance at ₹22.40 apiece levels and, upon breaching this level, may move up to ₹25 apiece levels in the near term. Bagadia recommended maintaining a stop loss at ₹18.40 apiece levels and accumulating on every significant dip, as long as Yes Bank shares remain above ₹18.50 apiece levels.
As experts predict a potential multibagger return, the technical breakout and strong fundamentals position Yes Bank for a promising trajectory in the coming months.