Can YES Bank reclaim Rs 27? Or is a drop below Rs 17 more likely?
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YES Bank shares have seen a volatile ride over the past year, falling 22% in the last 12 months and losing 26% from their peak of Rs 27.2. However, since hitting a low of Rs 16 in March, the stock has recovered nearly 25%, sparking renewed interest among traders and investors. Kunal V Parar, VP – Technical Research & Algo at Choice Broking, believes the stock is showing early signs of a turnaround. “On the daily chart, the stock is trading above its 100-day Moving Average, indicating a sustained positive trend. This suggests potential for further upside momentum in the near term,” he said. He added that a Bullish Engulfing candlestick pattern has formed after the recent correction, signalling a possible reversal backed by growing buying interest. “On the weekly chart, the stock continues to hold above its rising trendline support, reinforcing the ongoing uptrend and reflecting strong underlying momentum,” he said. The daily Relative S...