Shares of Yes Bank Ltd rose over 5% on Wednesday's early trade and was up for the third consecutive session. This week the stock has gained more than 12%.
According to analysts, in the last couple of sessions the stock prices have strongly bounced from the long term moving average of 200-day simple moving average (SMA). Basically, 200-day SMA roughly includes 40 weeks of trade, and its used to determine general market trend. A stock is typically regarded as being in an overall uptrend as long as its price stays above the 200-day SMA on the daily time period.
"This positive momentum may continue towards 19.5 - 20 level, the 200-day SMA support 16 is going to continue as demand zone," an analyst said.
Further, the entire banking pack on Wednesday was trading in the green zone and Nifty Bank was up 0.65%. This further added to the positive sentiment.
The stock hit a intra-day high of ₹18.40 and and intra-day low of ₹17.55 on Wednesday's trade. The weekly average delivery volume is 34.19%. However, the stock has fallen 26.67% from 52-week high of 24.8.
According to Mintgenie poll, 14 analysts recommend 'sell' rating for the stock.
