Shares of Yes Bank rose nearly 3 per cent in Tuesday’s trade, extending their gains for the third straight session after announcing a partnership with Banking-as-a-Service (BaaS) start-up, Falcon, to tap into the rapidly growing embedded finance market. BaaS model aims to help in rationalising technology-related┬аcosts and significantly reduces time-to-market.
The partnership with Falcon would enable it to provide customers with tailor-made financial solutions, Yes Bank stated in a release today.
The stock climbed 2.77 per cent to hit a day high of Rs 22.25 over its previous close of Rs 21.65. At today’s high level of Rs 22.25, the scrip has jumped 10.42 per cent in three consecutive sessions compared to a closing of Rs 20.15 on December 29 last year.
Resistance on the counter could be seen at Rs 22.55, followed by Rs 23.10 and Rs 24.75, analysts said.
The private lender’s stock has moved 12.41 per cent in the last five days. It has recorded 57.78 per cent gains in 2022.
Anita Pai, Chief Operating Officer at Yes Bank, said, “Our partnership with Falcon aligns with this approach as it empowers the bank to create innovative propositions within shorter time periods without compromising on quality and convenience. Going forward, we foresee an exponential demand for embedding financial products in newer ways, and with this collaboration, we aim to deliver that experience to our customers.”
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Falcon offers a future-proof stack to build bespoke cards, payments, accounts, and lending products at unreal speeds to financial institutions and tech companies.
Analysts said that support on the counter can be seen in the Rs 19.8-20 zone. The stock was last seen trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages today.
Yes Bank’s 14-day relative strength index (RSI) came at 63.20. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 56.73.
“In the last couple of weeks, we have seen wild swings in this counter, and volume activities have definitely picked up. Resistance on the counter is seen around Rs 23.10 followed by Rs 24.75 whereas immediate support is seen around Rs 20,” said Rajesh Bhosale, Technical Analyst at Angel One.
“The private lender looks bullish but could face stiff resistance at Rs 22.55. A daily close above this level should lead to Rs 25.35-27 in the coming days. Strong support will be at Rs 19.8,” said A R Ramachandran from Tips2trades.
Meanwhile, Indian equity benchmarks traded almost flat in early deals as losses in metal and energy stocks countered gains in technology and consumer durables.
