YES BANK share price today: Breakdown or Breakout? This expert gives crucial levels to spot current trends

YES BANK share price today: What to expect from the Yes Bank Stock when the markets open on Monday? Where is the Yes Bank share headed…is it on the verge of a breakdown or will it see a breakout? Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking gives the outlook of this stock. 

On Friday, Yes Bank stock ended at Rs 15.85 on the NSE, down by over 1.2 per cent. Jain said that Yes Bank share price is on the verge of a breakdown. If there is some selling activity in the stock markets or if there is selling in Yes Bank stocks and it closes below Rs 15.60, there will be a symmetrical triangle formation breakdown.  

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If the level around Rs 15.60 is breached downwards then the first target will be Rs 15 and a further downside will open till Rs 14, the technical analyst said.  

Though this movement is around Re 1, in percentage terms it will be around 6 per cent. But, it will happen only when the above level is decisively breached and the stock ends below Rs 15.60 on Monday, he further said. 

He said that investors should avoid fresh long positions in this stock. He also advised against taking short positions.  

Those who already hold Yes Bank stocks should take a call based on the Monday closing, the AVP said.  

He said that he expected this level to get breached, forcing some selling. This is indicated in the technical charts, he further said. 

For all kinds of investors, the right thing is to Wait and Watch, Jain said. He said that some investors could continue holding this stock because it once hit levels around Rs 21, so there is some euphoria around this level, he said.   

But there are chances of a pullback too, Jain said. Yes Bank stock is undergoing sideways movement indicating a symmetrical triangle pattern. This means that the stock has been trading in a rangebound manner, Jain said. Under this, there is no big move in the counter. In Yes Bank stock there has been a buying trend at lower levels while a profit booking at higher levels, restricting its moves.