YES Bank share price today: After 9 successive falls, stock ends in green on Friday? This expert sees pull back in near term

After falling for 9 successive trading sessions, YES BANK share price ended in the in green on Friday, the last trading day for the week. Are these positive signs yet in this stock or will it continue to be under pressure? Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking determines the trajectory after carefully analysing the technical charts. This is what he said about Yes Bank stock.

The Yes Bank stocks today ended the day at Rs 14.95 on the NSE, up from the previous closing price of Rs 14.90 on Thursday. Meanwhile on BSE too, the Yes Bank stocks ended at 14.95 today, up from the previous closing price of Rs 14.90.

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Jain said that Yes Bank stock has undergone the symmetrical triangle breakdown pattern which has spoiled its structure on the technical charts. This has resulted in the breakdown of this counter, he further said.

On Friday, this stock recovered from the intraday low of Rs 14.38, which Yes Bank shares had hit in the morning trading session. From there, it recovered to end the day on a positive note.

The Yes Bank stocks saw a breakdown when the breached the crucial levels of Rs 15.60 on 16 March opening the downward targets of Rs 15 and Rs 14. The technical analyst had estimated these target prices.

He said that the gains of today could be the just needed triggers for the pullback of the stock. It could go up to levels around Rs 15.50, Jain said. He however, warned the investors not to see this as a trend reversal in the Yes Bank Stocks. At best, it appears to be triggering the pullback, he further said.

He said that the trend reversal could be from the levels around Rs 16.    

If the stock breaches Rs 14 level, then there will be a further downside open in this stock up to 13, he had previously said.  

What should Yes Bank investors do? 

If there is a pull back then there is an opportunity to temporarily exit the stock, he said. The trend in this stock is on the weaker side and any revival should be an opportunity to exit long positions. He also advised against taking any fresh long positions in this stock.    

For all kinds of investors, the right thing to do is to Wait and Watch, Jain said. He added 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.