Bank Stocks Outlook
Nifty Bank seen positive next week, may touch 52000 pts
This story was originally published at 19:19 IST on 27 December 2024
Register to read our real-time news.Informist, Friday, Dec. 27, 2024
MUMBAI – The Nifty Bank index is seen positive next week and could touch 52000 points on the higher end, analysts said. After closing in the red for two consecutive trading sessions, the Nifty Bank closed 0.3% higher at 51311.30 points on Friday. During the week, the index rose 1.09%. The support for the index is pegged at 51000 points and the resistance at 52750 points for the next week, analysts said.
Shares of private banks will perform better compared with public sector banks on higher buying interest, Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services, said. Shares of IndusInd Bank will be in focus next week as the bank has decided to sell stressed microfinance loans worth INR 15.73 billion, which will consequently improve the bank's asset quality. Shares of IndusInd Bank closed 2.3% higher at INR 953.40 on the National Stock Exchange on Friday.
"With no significant triggers in the near term, markets are likely to remain range-bound. Pre-quarterly business updates to be released in the first week of Jan'25 (January 2025) will provide insights into the upcoming result season and will be keenly tracked by the markets," Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services Ltd. said in a note.
TOP HEADLINES
* IndusInd Bank looks to sell stressed microfin loans worth INR 15.73 bln
* RBI Report: NBFCs again warned against 'growth at any cost' approach
* RBI Report: Bks need stronger risk mgmt norms against unscrupulous activity
* RBL Bank sells entire 8.2% stake in DAM Capital Advisors via OFS
* YES Bank receives INR 1.61 billion from JC Flowers on NPA sale
* Jammu & Kashmir Bank appoints Amitava Chatterjee as MD, CEO, effective Mon
* Canara Bank to sell subsidiary Canara Bank Tanzania to Exim Bank Tanzania
* IndusInd Bank promoter IndusInd Ltd pledges entire 3.6% stake in bank
* HDFC Bank executes first gold forward deal from GIFT City
* PRESS:Gold auctions seen up as RBI raises checks, cos look to clean up books
* Canara Bank shuts down operations of subsidiary in Tanzania
* HDFC Bank completes sale of 9% stake in HDFC Education for INR 172.8 mln
* RBI fines Manappuram Finance INR 2 mln for non-compliance with KYC norms
* RBI fines IndusInd Bank INR 2.73 mln for breach of deposit opening norms
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 | 552.2 | 2.70 | 558.60 | 544.00 |
| Axis Bank | 1077.45 | 0.50 | 1090.20 | 1069.70 |
| Bank of Baroda | 244.99 | 1.80 | 249.50 | 242.30 |
| Canara Bank | 100.36 | 0.80 | 102.50 | 99.10 |
| Federal Bank | 196.73 | 1.20 | 200.90 | 194.30 |
| HDFC Bank | 1798.25 | 1.50 | 1814.60 | 1780.90 |
| ICICI Bank | 1307.55 | 1.50 | 1324.80 | 1290.00 |
| IDFC FIRST Bank | 62.52 | 1.40 | 63.70 | 61.30 |
| IndusInd Bank | 953.40 | 2.60 | 990.60 | 914.50 |
| Kotak Mahindra Bank | 1759.90 | 0.90 | 1786.90 | 1740.50 |
| Punjab National Bank | 101.44 | 0.70 | 103.90 | 99.90 |
| State Bank of India | 799.65 | (-)1.50 | 826.20 | 784.00 |
| Nifty Bank | 51311.30 | 1.10 | 51781.60 | 51004.90 |
| Nifty 50 | 23813.40 | 1.00 | 23989.20 | 23712.70 |
| S&P BSE Sensex | 78699.07 | 0.80 | 79224.90 | 78335.70 |
End
Reported by Kshipra Petkar
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
