Bank Stocks Outlook
Analysts positive on Nifty Bank for next week
This story was originally published at 19:30 IST on 13 September 2024
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MUMBAI – Analysts are positive on the Nifty Bank for next week, as short-covering in bank stocks this week on the day of expiry has raised hope of further gains next week. The Nifty Bank closed 0.3% higher at 51938.05 on the National Stock Exchange today. For the week, the index was up 2.7%
"...the index could test 52,800–53,000 in the short term and 53,800 in the medium term. The 21-DEMA (double exponential moving average) support is currently placed near 51,220. Therefore, a 'buy on dips' strategy is recommended for Bank Nifty as long as it stays above 51,220," Hrishikesh Yedve, senior analyst at Asit C. Mehta Investment Interrmediates Ltd, said in a note.
Analysts are positive on IndusInd Bank and State Bank of India next week. Today, shares of SBI closed 0.4% higher at 790.85 rupees and those of IndusInd Bank closed 1.4% higher at 1,464.05 rupees on the National Stock Exchange.
Analysts expect the market to consolidate in a broader range and investors to remain cautious as major central banks will come out with their policy statements next week. "With a 25-bps rate cut by the ECB and China expected to cut rates on $5 trln mortgages upcoming meeting, hopes of an interest rate cut by the US Fed are higher," Siddhartha Khemka, head of research, wealth management at Motilal Oswal Financial Services Ltd, said in a note.
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| Company | Price | Week-on-Week Change in % | Resistance | Support |
| AU Small Finance Bank | 722.9 | 2.80 | 734.30 | 711.50 |
| Axis Bank | 1217.45 | 5.10 | 1231.20 | 1194.10 |
| Bandhan Bank | 207.10 | 5.50 | 214.00 | 194.60 |
| Federal Bank | 186.52 | 1.70 | 190.20 | 181.70 |
| HDFC Bank | 1665.95 | 1.80 | 1682.60 | 1648.70 |
| ICICI Bank | 1250.35 | 3.50 | 1263.40 | 1235.60 |
| IDFC First Bank | 73.42 | (-)0.30 | 74.70 | 72.10 |
| IndusInd Bank | 1464.05 | 3.90 | 1487.70 | 1430.50 |
| Kotak Mahindra Bank | 1820.35 | 3.20 | 1845.00 | 1804.50 |
| Punjab National Bank | 111.11 | 1.00 | 114.60 | 107.10 |
| RBL Bank | 214.22 | 0.90 | 217.80 | 211.90 |
| State Bank of India | 790.85 | 1.10 | 800.20 | 780.40 |
| Nifty Bank | 51938.05 | 2.70 | 52208.90 | 51508.60 |
| Nifty 50 | 25356.50 | 2.00 | 25497.90 | 25221.80 |
| S&P BSE Sensex | 82890.94 | 2.10 | 83318.70 | 82439.30 |
End
Reported by Kshipra Petkar
Edited by Avishek Dutta
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