Bank Stocks Outlook
Bank Nifty seen range-bound next week
This story was originally published at 21:24 IST on 8 November 2024
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MUMBAI – The Bank Nifty is expected to remain range-bound next week, analysts said. On Friday, the index closed 0.7% lower at 51561.20 points on the National Stock Exchange. Analysts have pegged the resistance at 53000 and support at 51000-50500 for next week. During the week, the index fell merely 0.2%
"If the index sustains above 52580, then only fresh upmove could be possible, otherwise, the index will continue its consolidation," said Hrishikesh Yedve, a senior technical analyst at Asit C. Mehta Investment Interrmediates Ltd, in a note.
The stocks of public sector banks led the way this week, with notable performances by Punjab National Bank, State Bank of India, and Bank of Baroda, said Brijesh Ail, head of technical and derivatives at IDBI Capital Markets & Securities Ltd.
TOP HEADLINES
* Earnings Review: SBI PAT up nearly 30% YoY on rise in income, fall in NPAs
* J&K Bk aims to raise INR 10 bln via tier I or tier II bonds Jan-Mar, says MD
* SBI looking to mobilise more deposits, launch new products, says Setty
* No plan to raise retail term deposit rates in near term, says Indian Bk MD
* Canara Bank creates vertical in bank for credit card ops, says MD
* Banking secy asks PSU bks to up CASA deposits for sustainable credit growth
* Personal loan growth keeps cooling, but bks gold loans up 51% as of Sept 20
Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:
| Company | Price | Week-on-Week Change in % | Resistance | Support |
| AU Small Finance Bank | 580.65 | (-)5.90 | 616.70 | 561.00 |
| Axis Bank | 1160.95 | (-)0.70 | 1176.60 | 1143.30 |
| Federal Bank | 206.77 | 1.30 | 209.80 | 203.00 |
| HDFC Bank | 1754.45 | 1.00 | 1770.00 | 1738.10 |
| ICICI Bank | 1258.85 | (-)2.60 | 1284.50 | 1239.90 |
| IDFC First Bank | 65.63 | (-)2.30 | 67.20 | 64.50 |
| IndusInd Bank | 1053.80 | (-)0.80 | 1067.80 | 1041.00 |
| Kotak Mahindra Bank | 1745.80 | 0.10 | 1774.80 | 1724.40 |
| Punjab National Bank | 104.79 | 3.80 | 108.10 | 102.50 |
| State Bank of India | 843.15 | 2.70 | 876.30 | 817.70 |
| Nifty Bank | 51561.20 | (-)0.20 | 52200.60 | 51174.30 |
| Nifty 50 | 24148.20 | (-)0.60 | 24373.20 | 23954.20 |
| S&P BSE Sensex | 79486.32 | (-)0.30 | 80160.20 | 78780.40 |
End
Reported by Kshipra Petkar
Edited by Akul Nishant Akhoury
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