Bank Stocks Outlook
Analysts cautious on Bank Nifty, MPC meeting in focus
This story was originally published at 21:14 IST on 29 November 2024
Register to read our real-time news.Informist, Friday, Nov. 29, 2024
MUMBAI – Analysts remain cautious on banking stocks for next week with the GDP growth slowing to a seven-quarter low of 5.4% in Jul-Sept. This is sharply lower than the consensus estimate of 6.5% and 6.7% projected by the Reserve Bank of India's staff.
Banking stocks were among the better-performing sectors this week. On Friday, the Nifty Bank ended at 52055.60 points, up 1.8% from a week ago compared with a 0.9% rise in the Nifty 50.
"For Bank Nifty now, 51800 would be the key level to watch out. Above 51800, it could move till 52500-52800. However, below 51800 it could retest the level of 51500 and 51300," Amol Athawale, technical analyst at Kotak Securities said in a note.
The Reserve Bank of India's Monetary Policy Committee will announce its rate decision next week. Though most analysts were earlier expecting the rate-setting panel to keep the repo rate unchanged at 6.50% in December, with GDP growth slowing sharply, some expect a slight possibility of a rate cut next week.
Investor sentiments going forward will be influenced by geopolitical developments and foreign investor activity, Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services, said in a note. "We expect the market to remain range-bound amidst mixed global cues and lack of domestic triggers," he added.
TOP HEADLINES
* HDFC Bank launches savings account for rural, semi-urban customers
* Finance ministry exempts Canara Bank from shareholding norms
* CCI OKs Kotak Bk's acquisition of StanChart India's unsecured personal loans
* PSU bks to launch new pdts in next few mos to improve credit - Banking secy
* South Indian Bk, Fedbank Fincl in co-lending pact to improve gold loan book
* Muthoot Microfin enters into co-lending partnership with SBI
* FSIB recommends Binod Kumar as MD, CEO of Indian Bank
* RBI imposes penalty of INR 6.14 mln on RBL Bank for breach of KYC norms
* Central Bk of India gets RBI nod to foray into insurance with Generali group
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 | 583.35 | (-)2.10 | 597.90 | 571.20 |
| Axis Bank | 1136.30 | (-)0.50 | 1148.20 | 1121.80 |
| Bank of Baroda | 246.40 | 4.40 | 253.20 | 240.80 |
| Canara Bank | 102.01 | 5.20 | 105.20 | 99.20 |
| Federal Bank | 210.78 | 0.70 | 213.50 | 207.40 |
| HDFC Bank | 1796.05 | 2.90 | 1816.20 | 1772.80 |
| ICICI Bank | 1300.10 | 1.70 | 1315.60 | 1275.30 |
| IDFC FIRST Bank | 64.08 | (-)0.10 | 65.20 | 63.30 |
| IndusInd Bank | 995.85 | (-)0.20 | 1006.40 | 982.00 |
| Kotak Mahindra Bank | 1765.25 | 0.20 | 1781.90 | 1748.70 |
| Punjab National Bank | 104.90 | 5.10 | 108.70 | 101.80 |
| State Bank of India | 838.95 | 2.80 | 850.70 | 825.70 |
| Nifty Bank | 52055.60 | 1.80 | 52406.80 | 51583.90 |
| Nifty 50 | 24131.10 | 0.90 | 24343.50 | 23820.90 |
| S&P BSE Sensex | 79802.79 | 0.90 | 80482.00 | 78686.60 |
End
Reported by Kshipra Petkar
Edited by Saji George Titus
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