Bank Stocks Outlook
Bullish trend likely to continue next week
This story was originally published at 21:52 IST on 13 December 2024
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MUMBAI – Analysts expect the domestic stock market to remain bullish next week, and believe that the Bank Nifty index could hit the upper band at 55000 points. "For Bank Nifty, the short-term formation is bullish, and 53000 and 52800 will be the key support zones, while 54000-54300 could act as important resistance areas for traders," Amol Athawale, technical analyst at Kotak Securities, said in a note.
On Friday, Bank Nifty closed 0.7% higher at 53583.80 points. During the week, the index was up 0.14%. Analysts have pegged support for the index at 52500 points. Brijesh Ail, head of technical and derivatives at IDBI Capital Markets and Securities, said the market reacted positively to the appointment of Sanjay Malhotra as the new Reserve Bank of India governor on Monday. He took charge as the governor on Wednesday for a period of three years.
Attention will now shift to Oct-Dec corporate results. With consumption slowing, subdued GDP growth in Jul-Sept, and financial stress reflected in rising non-performing assets in certain sectors, government capital expenditure is emerging as the critical driver for economic momentum, Krishna Appala, senior research analyst at Capitalmind Research, said in a note.
Analysts said Kotak Mahindra Bank, HDFC Bank, Axis Bank look positive for the coming week.
TOP HEADLINES
* ICICI Bank to sell 19% stake in ICICI Merchant Svcs for up to INR 1.9 bln
* Govt nominates Manoranjan Mishra as director on Bank of Baroda's board
* PNB likely to raise up to INR 30 bln via tier-II bond by Dec-end - sources
* HDFC Bank gets administrative warning letter from SEBI for non-compliance
* RBI OKs appointment of Manish Jain as YES Bank ED for 3 years
* ICICI Bank, Commonwealth Bank of Australia in pact for banking services
* Karnataka Bank launches retail asset centre in Bengaluru to boost retail ops
* RBI OKs reappointment of Ujjivan Small Fin Bk part-time chairman Prabhakar
* Indian Overseas Bank receives income-tax refund of INR 13.59 bln
* SEBI wants mkt institutions' capacity to be 1.5 times projected peak load
* Karur Vysya Bank to cut base rate, BPLR by 10 bps each from Friday
* RBI's new LCR norms a regulatory impounding on system, says Axis Bk Gambhir
* RBI Policy:Aim is to ensure orderly conduct of business by bks - Swaminathan
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 | 584.55 | (-)0.50 | 597.00 | 568.10 |
| Axis Bank | 1148.15 | (-)3.10 | 1177.20 | 1099.10 |
| Bank of Baroda | 257.99 | (-)2.50 | 263.80 | 248.20 |
| Canara Bank | 106.58 | (-)2.50 | 109.50 | 102.50 |
| Federal Bank | 213.15 | (-)0.10 | 215.90 | 208.30 |
| HDFC Bank | 1871.75 | 0.90 | 1904.40 | 1812.90 |
| ICICI Bank | 1344.90 | 1.20 | 1368.80 | 1301.50 |
| IDFC FIRST Bank | 64.23 | (-)2.50 | 65.50 | 62.40 |
| IndusInd Bank | 986.65 | (-)0.40 | 1015.40 | 951.20 |
| Kotak Mahindra Bank | 1805.65 | 1.60 | 1848.50 | 1726.60 |
| Punjab National Bank | 107.73 | (-)2.20 | 110.70 | 102.70 |
| State Bank of India | 861.55 | (-)0.20 | 881.10 | 825.30 |
| Nifty Bank | 53583.80 | 0.10 | 54556.90 | 51778.00 |
| Nifty 50 | 24768.30 | 0.40 | 25192.00 | 23969.00 |
| S&P BSE Sensex | 82133.12 | 0.50 | 83607.70 | 79345.50 |
End
Reported by Kshipra Petkar
Edited by Ashish Shirke
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