Yes Bank Limited (NSE:YESBANK) is one of the leading private sector bank in the industry went down by more than 5% to close at 1483. Yes Bank is one of the best performer in the Nifty Bank index. It is losing the momentum in the daily chart, the stock went up the more than 55% YoY.
The stock hits lifetime high of 1651 on April 27. It has failed to sustain the higher level and it was hovering around that level for a week. Now the stock is trading well below the 10, 20 & 50 days moving averages. The other indicators such as MACD & RSI are also showing weakness in the chart.
The Friday’s fall was also supported by huge volume. More than 10 Million shares were changed hand in National Stock Exchange. There were 1.75 Million shares added in the future segment which implies the number of short positions added. It is likely that the stock will continue to go down in the near future. We need to wait and see if this drag entire Nifty Bank index.
“With ongoing remedial actions undertaken by the Bank during FY 16-17, there have been several reductions/exits/improvement in account conduct,” and the impact of the divergence is Rs 1,040 crore, said the annual report of the Yes Bank.