Yes Bank share price stayed up on Monday, signaling the potential to register the first consecutive daily gains since June 10. The shares traded at Rs 23.89 at the time of writing, having gained 0.89 percent in the intraday session. Yes Bank share price has been trading sideways for the most part since mid-June, with red candlesticks dominating its sessions.
After rising by 12.7 percent in April, Yes Bank had a poor ran in May and June, during which the share price went down by 12 percent and 3 percent respectively to wipe out its earlier gains. Notably, the gains in April were powered by better-than-expected quarterly earnings for the first three months of the year. The bank will release its earnings for the quarter ending June 2024 on July 22, and that could trigger a bullish inclination towards the share price.
Yes Bank announced last week that it had kickstarted the laying off of 500 of its staff as a strategy to cut costs and improve efficiency. The layoffs will see the affected employees paid an equivalent of three months’ pay, and come at a time when many lenders in India have been hiring more staff and opening up more branches.
However, many analysts see Yes Bank’s approach as justified, considering that its operating expenses rose by 17 percent last year. The current Yes Bank share price is below the 100-MA, underlining a weak upside momentum. However, the sentiment around the earnings release and cost reductions could provide fuel for recovery.
Technical analysis
Yes Bank share price is on the upward momentum, and the buyers are likely to stay in control if the price stays above 23.94. That could see them encounter the first resistance at 24.11, and possibly move further up to test 24.27 if the buyers extend their control. Otherwise, a move below 23.94 will signal control by the sellers, and the downward action will likely find the first support at 23.77. Extended control by the sellers at that point could break the support, and invalidate the upside narrative. Furthermore, it could propel further losses to test 23.60.
