Bank Stocks Outlook
Analysts cautious on Nifty Bank for next week
This story was originally published at 19:52 IST on 20 December 2024
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MUMBAI – Analysts remain cautious on the Nifty Bank for next week and expect the index to see further weakness if it falls below 50000 levels. Today, the index closed 1.6% lower at 50759.20 points. For the week, the index was down 5.3%.
"For the Nifty Bank, on the lower side, 50500 or the 200-day SMA would act as a crucial support zone. If it sustains below this level, it could slip to 50300-49800. Conversely, if it breaks above 51200, it could bounce back to 51800-52200. Short-term traders should remain cautious and selective, as there is a risk of being trapped at lower levels," Amol Athawale, technical analyst at Kotak Securities, said in a note.
For next week, support for the index is seen at 49979.50 points and resistance at 52018.80 points. "We maintain a cautious outlook, as the India VIX is rising and the USD/INR is trading close to 85 levels. We recommend holding positions at current prices," said Brijesh Ail, head of technical and derivatives at IDBI Capital Markets & Securities Ltd.
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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 | 537.6 | (-)8.00 | 562.60 | 521.90 |
| Axis Bank | 1071.85 | (-)6.70 | 1121.80 | 1040.10 |
| Bank of Baroda | 240.59 | (-)6.70 | 255.00 | 230.60 |
| Canara Bank | 99.61 | (-)6.50 | 104.70 | 96.80 |
| Federal Bank | 194.46 | (-)8.80 | 206.20 | 184.70 |
| HDFC Bank | 1771.50 | (-)5.40 | 1809.20 | 1748.20 |
| ICICI Bank | 1288.40 | (-)4.20 | 1311.50 | 1260.80 |
| IDFC FIRST Bank | 61.68 | (-)4.00 | 66.90 | 58.60 |
| IndusInd Bank | 929.45 | (-)5.80 | 981.30 | 900.50 |
| Kotak Mahindra Bank | 1743.55 | (-)3.40 | 1784.10 | 1713.10 |
| Punjab National Bank | 100.77 | (-)6.50 | 105.10 | 98.30 |
| State Bank of India | 812.00 | (-)5.80 | 845.30 | 793.30 |
| Nifty Bank | 50759.20 | (-)5.30 | 52018.80 | 49979.50 |
| Nifty 50 | 23587.50 | (-)4.80 | 24258.70 | 23201.80 |
| S&P BSE Sensex | 78041.59 | (-)5.00 | 80213.70 | 76788.60 |
End
Reported by Kshipra Petkar
Edited by Avishek Dutta
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