YES Bank shares: Following an initial boost in the market on Wednesday following the release of YES Bank Ltd.’s provisional quarterly updates for the June 2024 quarter, the company’s shares gave up their early gains. On Tuesday, after market hours, the private lender presented its quarterly results to the stock exchanges.
YES Bank shares increased by almost 2% to Rs 24.30 on Wednesday during trade. Over Rs 76,000 crore in market capitalization was being demanded by the private lenders. Nevertheless, the stock gave up its gains and closed Tuesday close to its previous closing of Rs 23.86, trading flat at Rs 23.90.
YES Bank reported in an exchange filing that its loans and advances for the June quarter increased 14.8% year over year (YoY) to Rs 2,29,920 crore from Rs 2,00,204 crore in the corresponding quarter of the previous year. The date of the private lender’s earnings announcement for the June 2024 quarter has not yet been disclosed.
Deposits at YES Bank increased by 20.8% YoY to Rs 2,64,910 crore during the quarter, compared to Rs 2,19,369 crore during the same period previous year. According to the filing, the lender’s YoY deposit growth, excluding CDs, was 20.9%. Advances increased by 0.9% on a quarterly basis, while deposits grew by 0.5%.
According to YES Bank, the June quarter’s CASA was Rs 81,405 crore, increasing 26.1% from Rs 64,568 in the corresponding quarter the previous year. The CASA ratio was 30.7 percent in Q1, compared to 30.9 percent in Q4FY24 and 29.4 percent in Q1FY24, according to the filing that was made with the bourses.
The share price of YES Bank is currently 70% higher than its 52-week low, which was reached in October 2023 at Rs 14.10. However, since the stock’s 52-week high of Rs 32.81 in February 2024, it has dropped by 28%. Only 6% of the stock has increased in 2024 thus far.
Technical analysts who examined YES Bank’s charts noted that although the company has been trading in a consolidation zone for the past several months, it has been able to hold onto the important short- and long-term support levels. To restore greater momentum, the stock must rise over the important resistance levels.
Over the course of the last 22 sessions, YES Bank has demonstrated consolidative behavior, fluctuating between roughly Rs 23.35 and Rs 24.65. According to Jigar S. Patel, Senior Manager-Technical Research Analyst at Anand Rathi Shares & Stock Brokers, this consolidation indicates that the stock is in a moment of hesitation as market players attempt to strike a balance between buying and selling forces.
In the event that the stock closes decisively above the resistance level at Rs. 24.65, it may initiate additional upward action towards Rs. 26.65. The forecasted trading range for YES Bank in the near future is predicted to be between Rs 23 and Rs 27, providing trading opportunities for investors hoping to profit from fluctuations within this wider range,” he continued.
YES Bank has been moving in a constrained range and consolidating for a while now. According to Vaishali Parekh, Prabhudas Lilladher’s VP of Technical Research, a clear break above the Rs 24.60 zone would be necessary to improve the bias and signal a future advance. The next targets are at the Rs 27 and Rs 29 levels, respectively. “Near-term support is maintained near Rs 23.30 levels, and major crucial support lies near the 200-period MA at Rs 22.25 levels,” she explained.
For the last five months, YES Bank has been consolidating within a small range. According to VLA Ambala, co-founder of Stock Markets Today, the price chart’s current RSI readings on the daily, weekly, and monthly time frames are 53.90, 52, and 53, respectively. These values suggest a moderate buying range for swing trading from a short- to mid-term investment perspective.
The stock’s primary resistance level is currently at Rs 24.80. For a target price of Rs 27–35, investors who wish to investigate a potential purchase opportunity in this specific company may want to try opening a new long position in the Rs 21.50–23.50 range, she continued. A stop loss of Rs 19.50 and a holding term of two to five months are recommended.
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