Yes Bank shares at ₹100 in five years? Here's what a chartist has to say

yes bank shares at ₹100 in five years? here's what a chartist has to say

Yes Bank shares at ₹100 in five years? Here's what a chartist has to say

If one can hold shares of private sector lender Yes Bank Ltd., for a time horizon of five years he / she can make stellar profits, according to technical analyst Prakash Gaba.

Answering a viewer query on CNBC Awaaz, Gaba said that according to Yes Bank's charts, a bottoming out process is currently underway, but when will that be completed, is unclear.

However, Gaba added that the stock, which closed on Tuesday at ₹23.67, needs to have a close above ₹30 on a monthly timeframe for having a breakout.

"As and when that happens, that (the breakout above ₹30) will take the stock to ₹100, but it may take five years," Gaba said.

For the March quarter, Yes Bank reported a 2% growth in its Net Interest Income (NII) to ₹2,153 crore

Kotak Institutional Equities maintained its "Sell" rating on Yes Bank post its March quarter results with a price target of ₹19 apiece. The brokerage said that while the business of the lender is improving, it would wait for far lower valuation multiples to change its view.

Shares of Yes Bank ended 0.8% lower at ₹23.67. The stock is up only 4.5% so far in 2024.

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