Rs 17 or Rs 24, where are YES Bank shares headed after taking out Rs 21 level?

Shares of YES Bank hit a fresh 52-week high of Rs 21.20 a level in Friday’s trade, breaching the 21 level that was seen as an immediate resistance for the stock in the near term. Analysts said the next target for the stock is Rs 24, followed by Rs 30 level. They see support for the scrip at Rs 17.50-18.50 levels.

Osho Krishan, Senior Analyst for Technical & Derivative Research at Angel One said that YES Bank has seen a significant move in the past two trading sessions and has given a long-awaited breakout above the Rs 19.50-20 zone.

This massive movement of nearly 20 per cent was backed by robust volumes, indicating strength in the breakout, he said.

On the technical front, Krishan said, the support has shifted upward towards Rs 18-18.50 levels. He expects the northward rally on the counter to continue in a gradual form.

“The next resistance is placed around 24-odd levels, followed by a 30-odd zone,” he said.

Pravesh Gour, Senior Technical Analyst, Swastika Investmart said YES Bank stock has broken out of an Inverse Head and Shoulder formation.

This, he said, was after a long consolidation and a Triangle breakout on the longer time frame.

Gour said that the stock has retested its previous breakout level and has recovered in a V-shape rally.

YES Bank is trading above its all-important moving averages, he said adding that the momentum indicator RSI (relative strength index) is also positively poised.

MACD (moving average convergence divergence), on the other hand, is supporting the current strength.

“On the higher side, above Rs 21 level, we can expect Rs 24 level in the near term. On the lower side, Rs 17.50 is the strong support during any correction,” he said.

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