Yes Bank share retraces from 52-week high. Should you buy in this correction?

Stock market today: After sharp upside rally in last three sessions, Yes Bank shares have taken a pause in early morning deals on Wednesday session. Yes Bank share price today opened with an upside gap but soon profit-booking triggered and the stock started falling from its intraday high of ₹ 17. 50 apiece levels, just ₹ 0.

40 away from its 52-week high of ₹ 17. 90 levels that it climbed on Tuesday session. According to stock market experts, Yes Bank shares have broken its previous 52-week high of ₹ 16.

25 apiece levels and has been able to sustain above ₹ 16. 25 apiece levels. They said that the stock has strong support zone around ₹ 15 apiece levels and it is a news-based stock with improved fundamentals.

Experts said that high risk traders can take a bet on this dip keeping stop loss around ₹ 14. 70 apiece levels for short to medium term targets of ₹ 19 and ₹ 22. TRENDING STORIES See All Premium ITR refund: 5 income tax rules you should know Premium 5G Rollout: India to become first nation to deliver ind .

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. . Speaking on the fundamentals of Yes Bank shares , Saurabh Jain, Vice President — Research at SMC Global Securities said, “From fundamental perspective, Yes Bank has reported improved numbers and market is buzz with speculations about new appointments.

If that gets announced officially as we saw in the case of investment from Carlyle and Advent International, then Yes Bank shares may skyrocket as we saw in the last two to three sessions. However, it is still not a positional stock and high risk traders can bet on this banking stock keeping strict stop loss as the stock has a record of moving either side on single trigger in last few years. ” On pivot levels in regard to Yes Bank shares, Ravi Singhal, CEO at GCL Securities said, “Yes Bank shares have managed to break its previous 52-week high of ₹ 16.

25 and now it is sustaining above this mark. So, on chart patterns, it has taken strong support at ₹ 15 and any rebound from current levels may take this stock towards ₹ 18 to ₹ 19 levels in short term. So, high risk traders can bet on this banking stock maintaining strict stop loss at around ₹ 14.

70 for immediate target of ₹ 19. ” Ravi Singhal of GCL Securities went on to add that if the stock sustains above ₹ 17. 90 levels, its current 52-week high in near term, then it may go up to ₹ 22 levels in short to medium term as the hawkish Reserve Bank of India (RBI) on interest rate is helping Indian banks including Yes Bank to improve its NIM (net Interest Margin).

Yes Bank share price history MINT PREMIUM See All Premium Govt wants compulsory e-invoicing for small business Premium India should ask Beijing and Washington DC to exercise . . .

Premium Big Zomato investor to offload $373 mn shares Premium Does 5G change anything for you? In near one month time, Yes Bank share price is giving sharp upside moves on fund raise via investment from Carlyle and Advent International. Yes Bank shares have surged more than 11 per cent in last one week whereas it has logged more than 30 per cent rise in last one month. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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