Yes Bank Shares Decline Amid Market Downturn
As of September 18, 2023, Yes Bank's shares fell by 0.43%, trading at ₹23.30 by the end of the trading day. The stock reached a high of ₹23.72 and a low of ₹23.20 throughout the session. Meanwhile, the broader market showed a slight downturn, with the Sensex and Nifty both decreasing by 0.16%.
On the technical analysis front, Yes Bank's stock is currently below its short-term and long-term simple moving averages, indicating a bearish trend. The classic pivot level analysis identifies resistance levels at ₹23.58, ₹23.89, and ₹24.08, while support levels are noted at ₹23.08, ₹22.89, and ₹22.58.
Trading volume for Yes Bank on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) was down 18.04% compared to the previous session, highlighting decreased investor activity. A combination of price movement and trading volume can provide insights into market trends; a price drop with higher volume may indicate a potential for further declines.
From a fundamental perspective, Yes Bank maintains a return on equity (ROE) of 3.10%. The stock's price-to-earnings (P/E) ratio stands at 48.21, while its price-to-book (P/B) ratio is at 1.61. Analysts forecast a median one-year upside of 27.21%, setting a target price of ₹16.96.
Institutional interest appears to be growing, with mutual fund holdings slightly increasing from 4.16% in March to 4.17% in June. Foreign institutional investment (FII) also rose from 10.48% to 11.03% during the same period.
In summary, Yes Bank's stock is experiencing challenges in a mixed market environment, with benchmark indices reflecting a general decline, while some peers show varied performance.
