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Yes Bank share price retraces 20% from 52-week high

Yes Bank share price today continue to attract bears and made its intraday low of ₹20.05 per share

Yes Bank share price retraces 20% from 52-week high
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Yes Bank shares recently made 52-week high of ₹24.75 apiece on 13th December 2022.

However, after ascending to this peak, Yes Bank share price has remained an ideal 'sell on rise' stock on Dalal Street.

Yes Bank share price today continue to attract bears and made its intraday low of ₹20.05 per share, clocking near 3 per cent intraday loss in early morning deals.

However, if we compare Yes Bank stock price today with its 52-week high, the stock has retraced to the tune of near 20 per cent in near one month.

According to stock market experts, stock is expected to remain range bound till March 2023 as three-year lock-in for leading banks like IDFC First Bank, Axis Bank, Kotak Mahindra Bank, etc. is ending this March.

So, market is buzz about profit booking by these private lenders as Yes Bank share price has almost doubled in last three years and after end of lock-in period, these banks may think of profit booking in March 2023 (may be partially if not fully).

However, experts said that Yes Bank is doing well after its management came under the control of State Bank of India (SBI).

Apart from this, Finance Ministry's mechanism to tackle bad loans is going to aide stressed banks including Yes Bank.

So, any dip around ₹17.50 to ₹19 levels should be seen as good buying zone maintaining stop loss below ₹17 for short term target of ₹28 and for medium to long term target of ₹36 and ₹44 apiece levels.

However, Ravi Singhal of GCL Securities maintained that fundamentals of Yes Bank have been continuously improving after its management came under the control of SBI.

Its Q3 business update are also strong and it has managed to improved its loans and advances figures during October to December 2022 quarter.

Ravi Singhal said that any dip in Yes Bank shares should be seen as buying opportunity till it is trading above ₹17 apiece levels.

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