Yes Bank could find support at lower levels of 125 - 126: Epic Research
Yes Bank has suffered a lot in the last few months. The leading private sector bank has been facing lot of negative news and the latest quarterly results have turned it bearish. The stock could move slightly down from current levels and long term investors can buy at declines.
Prices are in a bearish trend. Since the last few quarters stock has been in the news. Due to concern over its Balance sheet, Asset quality, exposure to IL&FS, Directors and now RBI appointing an additional director for two years.
If not explicit its implicitly a concern for investors and anyone who is looking to hold the stock for the long term.
Technically there were some pullbacks as the stock was coming out from oversold zone and pushing levels up. But that was in the short term and was the outcome of price structure. Some good immediate recovery did get two digit returns. But at present, this is not a stock that can be kept with confidence in the portfolio.
At present - support is there at lower levels of 125 - 126 and prices can test them in coming days. We may see some price pullback given they are in oversold territory, But, the trend remains negative and it’s a stock that is a sell on any rise towards 165 - 168.