Yes Bank Share price: This is what Choice Broking highlights

Sumeet Bagadia, Executive Director, Research at Choice Broking highlights technical analysis on Yes Bank share price. He says that on the daily chart, Yes Bank has been trading in the Symmetrical Triangle pattern and is finding resistance at 200 days Simple Moving Averages. Yes Bank has sustained below Ichimoku Cloud Formation, which is indicating a bearish move for the long term. A momentum indicator RSI (14) & MACD has suggested negative biases among the traders, which indicates downward move for near term. Yes Bank share price today is Rs 15.7, down 2.5% or 0.4%.
 
Anand Rathi says that Yes Bank margin expansion, higher non-interest income and lower opex led to a sharp, 1008 bps, sequential decrease in Cost to income ratio, which improved to 39.2%. With the standstill on NPA recognition, asset quality improved. However, Yes Bank’s management disclosed a stressed pipeline of Rs 185 bn, almost twice as much as in Q2 FY21. With higher slippages expected, near-term earnings are expected to be negative. Hence, Anand Rathi lowered Yes Bank rating to a Sell with a target price of Rs 14.
 
NSE Nifty today

Sharekhan says that the Nifty opened gap down on February 26 on account of negative global cues. It has been drifting lower since then and is currently trading down by 440 points. On the hourly charts we can observe that the 61.82% Fibonacci retracement level (15127.60) of the fall from 15431.75-14635.05 has acted as a resistance and the Nifty is now approaching the lower boundary of the broad range (15260-14630). A close below it shall lead to further weakness in the benchmark. In terms of levels, 14800-14900 shall act as immediate hurdle zone while 14630-14565 shall act as a support zone for the Nifty.
 
On the hourly chart, the Nifty is trading below the 20-hour moving average (HMA) and the 40-HEMA, of 14919 and 14967, respectively. The hourly momentum indicator has a negative crossover. Market breadth is negative with 411 advances and 1396 declines on the National Stock Exchange (NSE).