Yes Bank shares continued their upward trajectory from Friday, surging in Monday morning trading to reach an intraday high of ₹19 per share on the NSE.
At the time of filing this story, the stock was trading at ₹18.60 per share, maintaining its bullish trend, with a total gain of over 11 percent in the last two sessions.
Market analysts attribute this recent rally in Yes Bank shares to media reports suggesting a possible resolution between the Essel Group led by Subhash Chandra and JC Flower ARC.
According to a report by Hindu BusinessLine, JC Flower ARC has reportedly agreed to resolve the dispute by accepting a substantial 75 percent reduction on the Rs 6,500 crore loan. Consequently, Subhash Chandra is expected to pay Rs 1,500 crore instead of the originally contested Rs 6,500 crore.
However, it's important to note that there has been no official confirmation regarding this resolution. Analysts, therefore, cautioned fresh investors and asked them to wait for an official statement from the parties involved.
From a technical standpoint, Sumeet Bagadia, an analyst at Choice Broking, noted that Yes Bank shares are displaying a positive chart pattern.
He anticipates that the stock may reach levels of Rs 22-24 in the near term if it closes above Rs 18.60 per share by the end of today's trading session. Bagadia advised investors to set a stop loss at Rs 16.50 per share and await near-term targets.