YES BANK share price today: Is the stock set for breakout? Expert tells what to expect

YES BANK share price today: If you are an investor in Yes Bank stock, then you must know this important trend about this share. On Wednesday, Yes Bank shares ended on NSE at Rs 16, down by 0.3 per cent. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking gives this crucial level, where this stock will see a breakout and the upside will open.  

Jain said that there is a sideways movement in Yes Bank stock indicating a symmetrical triangle pattern. This means that the stock has been trading in a rangebound manner. 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.  

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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.  

Anybody who has invested in this stock should put a stop loss at Rs 15.50, if any investor is willing to buy Yes Bank at current levels.  

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.