YES BANK share price today: Important tips for investors by technical analyst Nilesh Jain

YES BANK share price today: The stocks of Yes Bank today ended in the red, falling by almost 0.3 per cent on the NSE. If you are an investor in the Yes Bank stocks, then this investment tip might prove to be useful for you. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking says the stock will continue to show “Sell on Rise” trend till it achieves a crucial level of Rs 16.

The AVP said that the levels of 16 are important and could trigger a trend reversal in the Yes Bank Stocks. He said that the counter is a “Sell on Rise” as of now and the trend would break once it achieves the levels of Rs 16.

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He said that there are chances of a pullback in Yes Bank stocks till this crucial level and anything below this will not trigger a trend reversal.  

His strategy on Yes Bank stock is an “AVOID” for now and no fresh long positions should be taken.  

On the downside, Jain said that the downside risks are very much there and the levels around Rs 13.5 - Rs14 are open.      

Jain said that the Yes Bank stocks have undergone symmetrical triangle breakdown pattern. This stock has been under the breakdown since it breached the levels around Rs 15.60.

What should investors do?

If there is a pullback in this stock 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 taking any fresh long positions in this stock.

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.    

On the higher side, he said that if the Yes Bank stock breaks level around Rs 16.80, it will be a crucial breakout level and it will open an upside for the counter. At this level, the short positions on this stock will cease and the target price could go up to Rs 19, Jain said.

If there is a pullback in the Yes Bank stock once it breaches 16.80 levels, a move of Rs 1-2 will open in the near term, he further said.    

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