Strong volumes supported this big surge of about 20%, showing strength in the breakout, he noted.
Technically speaking, according to Krishan, the support has moved upward into levels around Rs 18–18.50. He anticipates a modest continuation of the counter’s upward surge.
The stock has rallied in a V-shape after testing its prior breakthrough level.
According to him, YES Bank is trading above its crucial moving averages, and the momentum indicator RSI (relative strength index) is also in a strong position.
On the other side, MACD (moving average convergence divergence) is confirming the present strength.
“On the upper side, we might anticipate Rs 24 level in the near future above Rs 21 level. In the event of a downturn, Rs 17.50 serves as a sturdy support.”
In intraday trading on Monday, Yes Bank NSE 6.35% shares increased by almost 7% and reached a 52-week high of Rs 21.15 after the private lender received RBI approval to raise capital from Carlyle, Verventa Holdings.
The Reserve Bank of India (RBI) gave the final approval for Yes Bank’s planned capital increase plan from the Carlyle Group and Verventa Holdings via two letters on Friday.
“We would like to now notify you that the bank has now received two further letters from the RBI on the planned investment, one for each investor. Accordingly, the bank will now contact the investors to complete the proposed capital increase, subject to a number of regulatory requirements and preconditions outlined in the individual investment agreements, Yes Bank said in a BSE filing.
The stock was trading 6.8% higher than the previous day’s closing price of Rs 19.7 per share at Rs 21 at 11:07 a.m. The stock has also increased by around 63% in the past six months and by almost 50% so far this year.
