Bank Stocks Outlook
Mixed views on Bank Nifty for next week
This story was originally published at 22:46 IST on 9 August 2024
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MUMBAI – Analysts have mixed views on the Bank Nifty's movement next week as the index struggles at the 50000-point mark. The Reserve Bank of India's recent warnings to banks to up deposit growth might have had some effect on the index, analysts said.
RBI Governor Shaktikanta Das said banks need to improve their deposits by relying on their branch networks and bringing out innovative products so that retail investors do not move towards alternative sources of investments. "The crux of what I am saying is that the mismatch of the divergence between deposits and credit growth may create asset liability or liquidity management issues. So I am only flagging this issue now," Das said in the post-monetary policy press conference on Thursday.
Brijesh Ail, head of technical and derivatives at IDBI Capital Markets and Securities Ltd, said, "The daily and weekly charts display weakness, and a fall below 50k (50000 points) will resume its continuation of the downtrend, and the index may head towards the 49k (49000 points) mark. On the way up, the levels from 51200 to 51500, there is a stiff resistance zone." During the week, the index fell 1.7%.
Analysts are positive on HDFC Bank and State Bank of India for next week. They are also mindful of brokerage reports suggesting the replacement of Bandhan Bank with Canara Bank in the index.
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Following are the resistance and support levels for the sector's key stocks for next week, as per calculations based on their prices on the National Stock Exchange:
| Company | Price | Week-on-Week Change in % | Resistance | Support |
| AU Small Finance Bank | 625.95 | (-)1.80 | 641.20 | 615.70 |
| Axis Bank | 1142.75 | (-)1.60 | 1161.90 | 1130.40 |
| Bandhan Bank | 199.50 | (-)6.10 | 204.40 | 196.60 |
| Federal Bank | 197.56 | (-)0.10 | 199.70 | 194.60 |
| HDFC Bank | 1650.20 | (-)0.50 | 1669.60 | 1636.10 |
| ICICI Bank | 1171.60 | (-)2.10 | 1185.80 | 1161.90 |
| IDFC First Bank | 72.86 | (-)2.00 | 74.20 | 71.80 |
| IndusInd Bank | 1349.80 | (-)3.90 | 1380.60 | 1322.70 |
| Kotak Mahindra Bank | 1769.65 | (-)1.90 | 1793.80 | 1752.90 |
| Punjab National Bank | 115.27 | (-)4.20 | 117.80 | 112.60 |
| RBL Bank | 216.85 | (-)4.40 | 220.70 | 213.70 |
| State Bank of India | 824.30 | (-)2.80 | 841.70 | 800.90 |
| Nifty Bank | 50484.50 | (-)1.70 | 50847.50 | 50204.90 |
| Nifty 50 | 24367.50 | (-)1.40 | 24474.70 | 24257.60 |
| S&P BSE Sensex | 79705.91 | (-)1.60 | 80181.60 | 79311.30 |
End
Reported by Kshipra Petkar
Edited by Rajeev Pai
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