According to stock market experts, Yes Bank has strong support at 15 apiece levels and any dip around 15.50 to 16 per share should be seen as buying opportunity by positional investors as these banks might offload their entire shareholding in Yes Bank immediately after the end of lock-in period. They went on to add that Yes Bank share price may come under pressure due to stake cut speculation by these banks but positional investors should maintain stop loss at 15 and keep on accumulating on every big dip for medium term target of 20 to 22 per share levels.
Speaking on Yes Bank share price outlook, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "SBI and other banks took position in Yes Bank to bail it out from the crisis. In last three years, Yes Bank's financial condition has improved and there is long way for the bank to become a profit making bank. So, , ICICI Bank, , IDFC First Bank may not offload their entire stake at random. In fact, I am expecting them to wait for the Q4FY23 results of the Yes Bank. Only after that, they may take any decision in regard to profit booking. Because keeping their stake unchanged after the end of lock-in period might spark fresh buying in shares."
Advising buy on dips strategy to positional investors, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi said, "Yes Bank share price has strong support placed at 15 apiece levels. So, those who have this stock in their portfolio are advised to maintain stop loss at 15 and keep on accumulating on every big dip as stock is looking in uptrend on chart pattern. For those who want to enter in Yes Bank, share price falling around 15.50 to 16 would be a big opportunity for such fresh investors. In case, the stock falls below 15 apiece levels, then my suggestion is to accumulate more around 13 to 13.50 apiece levels maintaining stop loss at 12 as we might see sharp rebound in Yes Bank stock price if any speculative fall takes place in the banking scrip in upcoming sessions."
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