Bank Stocks Outlook
Positive momentum to continue next week
This story was originally published at 21:23 IST on 20 September 2024
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MUMBAI – The positive momentum in Bank Nifty is likely to continue next week as frontline banking stocks are beginning to gain strength, analysts said. Today, the index hit a new record high of 54066.10 points and settled the day at 53793.20 points, up 1.4% from Thursday. During the week, the index rose 3.6%.
"Technically, the index has given a breakout to a fresh rounding bottom pattern. According to the rounding bottom pattern breakout the index can test the levels of 57,000 in medium term. However, in short term the index will face resistance near 55,000 levels," Hrishikesh Yedve, senior analyst at Asit C. Mehta Investment Intermediates Ltd, said in a note.
TOP HEADLINES
* Jana Small Finance Bank offers new deposit scheme with 6.75% interest rate
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* RBI OKs reappointment of Vaidyanathan as MD, CEO of IDFC FIRST Bank
* Bank of Maharashtra to meet minimum public float norm in 2 years, says MD
* HDFC Bank to offload 91-bln-rupee car loan portfolio via securitisation
* Must ensure credit to promote sustainable farming, says RBI Swaminathan
* SBI to return with tier-II bond next week, put tier-I on hold, say sources
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 | 731.3 | 1.20 | 764.20 | 712.70 |
| Axis Bank | 1245.00 | 2.30 | 1261.70 | 1221.50 |
| Bandhan Bank | 210.04 | 1.40 | 214.30 | 207.00 |
| Federal Bank | 185.04 | (-)0.80 | 190.60 | 181.80 |
| HDFC Bank | 1741.20 | 4.50 | 1768.60 | 1693.80 |
| ICICI Bank | 1338.45 | 7.10 | 1401.60 | 1260.00 |
| IDFC First Bank | 72.83 | (-)0.80 | 75.40 | 71.30 |
| IndusInd Bank | 1480.20 | 1.10 | 1500.50 | 1463.00 |
| Kotak Mahindra Bank | 1904.50 | 4.60 | 1956.60 | 1844.00 |
| Punjab National Bank | 108.41 | (-)2.40 | 110.80 | 105.10 |
| RBL Bank | 212.84 | (-)0.60 | 215.90 | 208.90 |
| State Bank of India | 781.70 | (-)1.20 | 800.70 | 770.00 |
| Nifty Bank | 53793.20 | 3.60 | 54660.80 | 52603.80 |
| Nifty 50 | 25790.95 | 1.70 | 26111.60 | 25266.30 |
| S&P BSE Sensex | 84544.31 | 2.00 | 85649.00 | 82635.30 |
End
Reported by Kshipra Petkar
Edited by Ashish Shirke
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