After a promising four-day surge, YES Bank shares faced a significant setback in today's trading session, plummeting by 10.71% to reach a day low of Rs 28.01. This drop marks a 14.63% decrease from its recent one-year high of Rs 32.81, which was observed just last Friday.
ASM Framework Implemented by BSE and NSE
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have placed YES Bank's securities under the short-term Additional Surveillance Measure (ASM) framework. Such actions are taken by exchanges to alert investors to potential high volatility in stock prices.
Analysts Weigh In on YES Bank's Performance
Technical analysts have observed a significant rally in YES Bank's stock over the past few weeks, prompting considerations of profit booking at this juncture.
- AR Ramachandran from Tips2trades notes that YES Bank's stock price appears bearish and overbought on daily charts, with a strong resistance level at Rs 32.7. He advises investors to consider booking profits, warning that a daily close below the support level of Rs 28 could lead to further declines.
- Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi Shares and Stock Brokers, points out that the stock has surged by over 50% in just two weeks, placing it in the overbought zone. He suggests traders to consider profit booking, while those intending to hold should maintain a strict stop-loss at Rs 26.
- Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, remarks on the stock's recent rally, highlighting its resistance at Rs 32. He identifies the near-term support level at Rs 26.50, with a breach above Rs 32 potentially triggering further gains towards targets of Rs 35 and Rs 41.
- Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, advises a pragmatic approach to the counter, recommending a trailing support zone (stop-loss) on the higher end, aligning with the stock's movement.
Technical Indicators and Valuation Metrics
YES Bank's stock currently trades above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) stands at 62.15, indicating a neutral stance, with oversold and overbought levels typically defined below 30 and above 70, respectively. Additionally, the company's stock boasts a price-to-equity (P/E) ratio of 90.08 and a price-to-book (P/B) value of 2.18.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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