Actions of Yes Bank Ltd It resumed the slide on Wednesday, halting its two-day rally after the private lender announced its second-quarter results. The stock lost 0.10 per cent to settle at Rs 20.73. At this price, it has corrected 20.79 per cent in the last six months, compared to a 7.33 per cent rise in the benchmark BSE Sensex during the same period.

On the earnings front, the lender reported a 145 per cent rise in its standalone net profit for the September 2024 quarter (Q2FY25), to Rs 553 crore, up from Rs 225.21 crore. in the same period of the previous year. Net interest income rose 14.3 percent year-on-year (YoY) to Rs 2,200 crore. Net advances grew 12.4 per cent year-on-year to Rs 2,35,117 crore.

“YES Bank’s results were positive, but the stock has been in a long consolidation phase, given the glut of banks and financial institutions. News referring to a delay in the sale of stakes also hurt investor sentiment “said Kranthi Bathini, head of equity strategy at WealthMills. Values.

“Existing investors can hold onto the shares. Fresh entry is not recommended,” Bathini also said. Some media reports claimed that the Reserve Bank was not in favor of selling a majority stake in the private lender to a foreign institution. Business Today, however, did not independently verify those news reports.

Some technical analysts advised against entering the stock at current levels. “YES Bank has been in a corrective phase for the last three consecutive months. It has plunged below its crucial support of Rs 21. The stock seems to be under pressure and can only recover after decisively surpassing its immediate resistance zone situated at Rs 22. On the downside, the Rs 19-18.5 range is expected to offer some support in the near term,” said Osho Krishan, Senior Research Analyst, Technical and Derivatives at Angel One.

“YES Bank share price is currently facing considerable selling pressure. We do not recommend buying the stock at this time,” suggested Kushal Gandhi, Technical Analyst at StoxBox.

“Support will be at Rs 19 and resistance at Rs 21.5. A decisive move above the Rs 21.5 level may trigger a fresh rise towards Rs 24. The expected trading range will be between Rs 18 and Rs 24 at short term,” said Jigar S Patel. , Senior Manager – Technical Research Analyst at Anand Rathi.

The bond was trading above the 5- and 10-day simple moving averages (SMA), but below the 20-, 30-, 50-, 100-, 150-, and 200-day SMAs. The stock’s 14-day Relative Strength Index (RSI) stood at 42.01. A level below 30 is defined as oversold, while a value above 70 is considered overbought.

According to BSE, the stock has a price-to-equity (P/E) ratio of 37.41 against a price-to-book (P/B) ratio of 1.40. Earnings per share (EPS) stood at 0.55 with a return on equity (RoE) of 3.75.