Yes Bank shares are in uptrend over past few says despite weakness on Dalal Street. After logging near 11 per cent rise on Friday deals, Yes Bank share price today opened with an upside gap and went on to hit 2-year high of ₹21.15 apiece levels, ascending near 20 per cent in last two trade sessions.
According to stock market experts, Yes Bank shares are rising after the private lender’s disclosure on Friday where it informed Indian bourses about the positive developments in regard to fresh investments by Carlyle Group and Verventa Holdings Limited. They said that Yes Bank share price has given sideways trend breakout on chart pattern and it may go up to ₹28 apiece levels in short to medium term. They advised positional investors to maintain buy-on dips-strategy in the scrip till it is above ₹18 apiece levels.
Speaking on the reason for Yes Bank share price rally, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Yes Bank shares witnessed strong upside on Friday after the private lender informed Indian bourses about positive developments in regard to fresh investments by Carlyle Group and Verventa Holdings Limited. The private lender has claimed that the RBI has given conditional approval to each investors with respect to the proposed acquisition by each of them of up to 9.99% of paid up share capital of the Yes Bank. This fundamentally strong news is expected to improve asset quality of the bank, which has attracted attraction of market bulls.”
Yes Bank share price target
Advising positional investors to maintain ‘buy on dips’ strategy in regard to Yes Bank shares, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have given sideways trend breakout at ₹18 apiece levels and it may go up to ₹24 and ₹28 levels in short and medium term. Those who have Yes Bank in their stock portfolio are advised to maintain trailing stop loss at ₹17 and keep on accumulating for ₹24 and ₹28 targets.”
