YES Bank shares tank 12% in 4 sessions; here are short-term target prices

Shares of YES Bank Ltd continued their downward move for the fourth straight session in Monday's trade. The stock fell 4.05 per cent to hit a day low of Rs 23.95 on BSE. At this price, the private lender's counter has slipped 11.66 per cent in four trading days.

"This is with reference to our earlier disclosure pertaining to Sale of NPA Portfolio to JC Flowers ARC on December 17, 2022. In this regard, the bank would like to inform that it has received a redemption amounting to Rs 61 crore from a single trust in the Security Receipts Portfolio," YES Bank stated in a recent BSE filing.

Separately, the bank's Board has approved allotment of 1,27,98,80,909 fully paid up equity shares of face value of Rs 2 each to Verventa pursuant to exercise of 1,27,98,80,909 share warrants allotted to Verventa on December 13, 2022, at a price of Rs 14.82 per share warrant.

Technical analysts largely remained bearish on the counter. Support could be seen around Rs 23-24 levels. On the higher end, near-term resistance will be at Rs 26.

Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "Rs 23 level is likely to provide cushion, while a breach beyond the same could disrupt the intermediate trend and YES Bank's stock could plunge towards the Rs 21-odd zone. On the higher end, a decisive surge beyond the Rs 26-27 zone is likely to trigger momentum for potential upside of around Rs 30-32 in the comparable period."

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The counter looked weak on daily charts. It may slip towards Rs 20 level in the near term. Immediate resistance will be at Rs 26."

AR Ramachandran from Tips2trades said, "YES Bank looks slightly bearish on daily charts with strong resistance at Rs 26.15. A daily close below support of Rs 24.25 could lead the stock to a lower level of Rs 20 in the near term."

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "Support will be at Rs 23.50 and resistance at Rs 25.75. A decisive close above Rs 25.75 level may trigger a further upside till Rs 29. The expected trading range will be between Rs 23 and Rs 29 for a month."

YES Bank's stock has a price-to-equity (P/E) ratio of 56.44 against a price-to-book (P/B) value of 1.66. Earnings per share (EPS) stood at 0.43 with a return on equity of 2.97.

The stock's 14-day relative strength index (RSI) came at 45.05. A level below 30 is defined as oversold while a value above 70 is considered overbought.