YES BANK share price today: Trend appears NEUTRAL now; expert Nilesh Jain of Centrum Broking gives level to WATCH out for

YES BANK share price: Shares of Yes Bank on Wednesday ended at Rs 15.60 almost flat from the last trading price on Tuesday. Technical Analyst Nilesh Jain Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that the trends in this stock are Neutral which means that its situation has neither deteriorated nor drastically improved.  

The AVP said that level of Rs 15 is crucial for the Yes Bank shares and it will not be in the negative above this level. The resistance is at Rs 16 and once the Yes Bank Stocks cross this level, an upside between Rs 17-17.5 will open, he further said.  

See Zee Business Live TV Streaming Below:

He said that till that time, it would continue to trade in the range-bound manner. The Yes Bank stocks have traded in a rangebound manner over the last 5 trading sessions hitting the level of Rs 15.50. It has made a high of Rs 15.75 on 1 April only to go down in the next trading session. 

The movements in Yes Bank shares are usually triggered by news, Jain said. Any upside in this stock will be triggered by some news, he further said. But the charts reflect a neutral trend which could change if the stock decisively breaks the level of Rs 16, Jain said.   

The AVP said that investors should watch the level at Rs 16, crossing which the Yes Bank stocks may start to move upwards. He said that once the Yes Bank shares cross levels of Rs 16, an upside will be open for it.  

The technical analyst has revised the earlier medium term targets of Rs 18. He has cautioned the investors that this target price in unlikely to be achieved in immediate to near term.  

A big move in the Yes Bank stocks came on 30 March 2021, when it ended at Rs 16.40, gaining by almost 17 per cent or RS 2.35. Jain said that it was a significant move and was also a trend reversal of sorts. It had traded at levels around Rs 14 for seven straight sessions.  

Though Yes Bank stocks closed negatively in the next trading session on Wednesday, the structure remained positive. That structure has now turned to neutral, he said. 

Jain had earlier said that the Yes Bank Stocks, while crossing the levels of Rs 16 had given a crucial breakout. But that did not last long as the stock witnessed corrections thereafter, he said.   

His current strategy on Yes Bank shares is an “AVOID” for now and no fresh long positions should be taken. For all kinds of investors, the right thing is to Wait and Watch, Jain said. He said that some investors may be tempted to continue holding this stock because it once hit levels around Rs 21, so there is some euphoria around this level, he said.           

Yes Bank’s 52-week low is around Rs 11.10, which it achieved on 28 July 2020.