Yes Bank share price has rallied 25.5 per cent so far in April, adding 10.6 per cent gain alone on Thursday. The stock rose to a fresh 52-week high on BSE, after the Care Ratings upgraded the private bank’s credit rating. The stock price has jumped over 22.5 per cent in the last one month, and more than 10 per cent so far in this calendar year. The breakout in the Yes Bank stock may further take it up to 18-20 levels in near term, said an analyst. “Lower level entry investors may book their positions at current levels. However, Rs 20 may act as a strong resistance from where the stock is likely to shift into a downward correction,” Ravi Singh, VP & Head of Research, Share India Securities, told FinancialExpress.com
The rating agency revised the ratings for its infrastructure bonds worth Rs 5000 crore to BBB+ with a positive outlook, from BBB with the same outlook earlier. Lower Tier II Bonds worth Rs 1059.70 crore were revised to BBB+ with a positive outlook from BBB with the same outlook earlier. Tier II Bonds (Basel III) worth Rs 8900 crore were revised to CARE BBB+ with a positive outlook, and Upper Tier II Bonds worth Rs 704.10 crore to CARE BBB+ with positive outlook. “Technically, the stock looks overbought and investors are advised to book partial profits at current levels. Re-entry can be thought about only near levels closer to 12,” Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com.
Yes Bank net advances grew by 8.8 per cent in March 2022. “Its net cash flow and net operating activity were also on the rise. Having said that, it is still a risky bet and investors should remain cautious while investing in such stocks,” Animesh Malviya, Banking Analyst at CapitalVia Global Research, told FinancialExpress.com.
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