YES BANK share price today: Don’t worry about Wednesday’s correction as trend remains positive, Nilesh Jain says - Know expert opinion

YES BANK share price today: Don’t worry about the correction in Yes Bank Stocks as the trend still remains positive. On Wednesday, the stocks of Yes Bank ended at Rs 15.50, down by almost 5 per cent. Technical Analyst Nilesh Jain Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that the stock looks good on the technical charts even now.

He said that there is a resistance for Yes Bank stocks in the range between Rs 14 and Rs 17 and the stock is expected to trade in this range. Once the level of Rs 17 is crossed an upside will open. He puts the target price at Rs 18-18.50.    

See Zee Business Live TV Streaming Below:

The Yes Bank stocks witnessed a decisive breakout on Tuesday ending the day at Rs 16.40 on NSE and gaining by almost 17 per cent or Rs 2.35. The intraday high was 16.80 on Tuesday.

Jain said that investors should not worry about today’s correction and watch out for the range he has given. The current situation does not indicate a trend reversal, he said. Yes Bank stocks are now poised for an upward movement, Jain had said on Tuesday.

He also warned the investors about the existing nature of this stock. The AVP said that the stock movement is usually based on the news or developments.

His current strategy on Yes Bank shares is still an “AVOID” for now and no fresh long positions should be taken, he said.

Jain said that the Yes Bank stocks had undergone a symmetrical triangle breakdown pattern. This stock was under the breakdown since it breached the levels around Rs 15.60 on 15 March, only to regain strength on 30 March when it gave a closing at Rs 16.40 and witnessed a crucial breakout.

On Tuesday, he had warned the investors that there could be some profit booking even as the trends have reversed for positive movement.

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.