Yes Bank shares hit 10-month high. Experts see potential multibagger in making

According to stock market experts, Yes Bank shares are looking strong from both technical and fundamental perspective. They said that Yes Bank shares have broken 200 days exponential moving average (DEMA) for the first time in near four years. Market experts said that Yes Bank’s annual report suggests that the private lender has around 75 lakh happy customers, 3.54 lakh crore total assets, 2.03 lakh crore total advances, which augurs well about the private bank’s financials.

Experts went on to add that Yes Bank has recorded second straight year of profitavility in FY23. They said that Yes Bank stock is a potential multibnagger in next two to three years and predicted ₹40 per share target in this time.

Why Yes Bank shares are skyrocketing?

Highlighting upon the strong fundamentals that may continue to help Yes Bank shares rebound after profit-booking triggers, Rakesh Bansal, Co-founder & Co-partner at Rakesh Bansal Ventures said, “Yes Bank’s fundamentals are looking strong after 2018 crisis. In annual report of Yes Bank, the private lender has reported that it has 75 lakh happy customers. The lender has also reported 3.54 lakh crore total assets and 2.03 lakh crore total advances.”

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“In current age of digital payments, Yes Bank is number one in UPI payments and NEFT outward transactions. It governs 22.80 per cent market share in digital payments transaction volume in India. Apart from this, Yes Bank Ltd has 1,192 branches in 700 cities across India. Its total number of ATMs are around 1300 in these 700 cities. Most importantly, its ESG score among Indian banks is 68/100,” said Bansal adding, “Yes Bank has reported second straight year of profitability in FY23 with YoY growth of 9.20 per cent.”

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Yes Bank share price target

Speaking on Yes Bank share price outlook, Mehul Kothari, AVP — Technical Research at Anand Rathi said, “Yes Bank share has confirmed a range breakout above ₹19.50 levels and it is preparing for the higher levels of ₹22 to ₹24 in the coming weeks. On the downside, support is placed at ₹17.”

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Advising ‘buy on dips’ strategy to fresh investors and existing Yes Bank shareholders, Sumeet Bagadia, Executive Director at Choice Broking said, “Yes Bank shares have broken its February 2023 higher levels and is currently trading at 10-month high. Currently, Yes Bank shares are facing resiostance at ₹22.40 apiece levels and on breaching this resistance, Yes Bank shares may go up to ₹25 apiece levels in near term.”

However, Sumeet Bagadia strictly advised fresh investors and existing shareholders to maintain stop loss at ₹18.40 apiece levels and keep on accumulating on every big dip till Yes Bank shares are above ₹18.50 apiece levels.

Multibagger stock in making?

Predicting multibagger return from current levels, Rakesh Bansal said, “On technical chart, Yes Bank shares have broken 200 DEMA for the first time in last four years, which signals strong upward movement in Yes Bank shares. Hence, we can expect strong rebound after every big dip as we have seen today. I strongly believe that Yes Bank share is strong from both technical and fundamental perspective. For long term, Yes Bank shares may touch ₹40 apiece levels in next two to three years. However, even if the current bounce is a dead cat bounce, Yes Bank shares are likely to touch ₹25 per share levels in short term.”

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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