YES Bank share price today: Where is it headed, Down or up? Here is what investors just can't afford to miss

YES BANK share price today ended in the red, falling by almost 1 per cent on the NSE. So, what should investors expect from Yes Bank when markets open on Wednesday? Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking says that the stock must be avoided in the near term. This is what he recommended. 

Jain said that Yes Bank was in a tight spot on Monday itself - stock opened down with a gap and it has not even attempted to fill this gap on Tuesday. 

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Jain said that Yes Bank stock has undergone symmetrical triangle breakdown pattern. He has previously said that the levels around Rs 15.60 will be crucial and if Yes Bank stock settles down below this, then there will be a breakdown. 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 had said.  

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

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.    

Chance of a pullback is rare in the near term, 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. There has been a buying trend at lower levels even as there is profit-booking at higher levels, restricting its moves.    

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.