Technical analysts see Yes Bank falling even further if the stock price goes below its support zone.

What Happened: Yes Bank’s stock had fallen 5% in the last month. The stock has declined more than 28% from its 52-week high of ₹32.85 hit in February.

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Technical Views: Anshul Jain, head of research at Lakshmishree said the stock has been underperforming the broader markets and is near another breakdown.

“The stock is nearing a crucial 36-week support level around ₹21. A close below this level could spell trouble, with analysts predicting a potential drop to ₹17. Trading patterns indicate a worrying trend: volume is lacklustre on up days but surges on down days, suggesting that savvy investors are offloading their shares.” Jain said.

Manish Shah, independent market analyst ( SEBI registered) said the stock has been in sideways movement between 21-28 since March.

“The current trend is down. As such, the price can decline to around 20-21 over the next few weeks. There are no immediate triggers seen. Investors should wait for some more time and observe the price for reversal opportunities around 20-21. For the moment, it is wait and watch,” Shah added.

Not all analysts are predicting doom and gloom for the stock, Riyank Arora, technical analyst, Mehta Equities said, “Yes Bank is currently trading at ₹22.52, with its immediate support zone at ₹22.50. If this level is breached, the next strong support level is at ₹21.85. However, the overall trend appears bullish, suggesting that the stock is poised for an upward reversal. On the upside, Yes Bank could test resistance levels around Rs 24.65 and Rs 25.10, marking potential short-term targets for traders.”

Price Action: Shares of Yes Bank were trading 1.06% down at ₹22.50 on Monday afternoon.

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