Yes Bank Outlook After Recent Upsurge by Santosh Meena: TradingBells

Yes Bank Outlook After Recent Upsurge by Santosh Meena: TradingBells

Yes Bank has been declining over the last few months. One of the best performers in the market in the recent years, Yes Bank was favorite stock of many fund managers. However, after the bank changed leadership (forced by RBI and SEBI) and its loan book turned bad, the decline hasn't stopped. After touching multiple-year low of Rs 29, Yes Bank finally witnessed a major upside move. Comments on Yes Bank by Santosh Meena: TradingBells follows.

Yesbank has rallied 171% from the low of 29 which was made on the 1st of October month, it was the last day of selling of pledged shares. It rallied about 27% in today's trading session after news that it receives interest from strong global players for equity infusion which is a major requirement for the bank.

Technically 79-81 is a critical resistance zone which is also near the previous QIP price of 87, therefore, it is difficult to see further upside from here in the near term and it will post its Q2 results tomorrow which may cause some selling pressure.

In the short term, investors should avoid any long position at the current level while a correction in the 60-55 zone will be a better opportunity to take a risk as a long term bet.

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