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Informist, Friday, Jan. 24, 2025

MUMBAI - Negative momentum in banking stocks is likely to continue next week with the Nifty Bank falling for the fourth consecutive week on Friday, analysts said. The index closed 0.5% lower at 48376.80 points. Analysts expect the support for the index at 48000 points and the resistance at 49500 points. If the index falls below 48000 points, then the next support would be 46000, Brijesh Ail, head of technical and derivatives at IDBI Capital said.

On Saturday, ICICI Bank, YES Bank and IDFC FIRST Bank will announce their results for the Oct-Dec quarter. Analysts are optimistic about ICICI Bank's results. If the results are good then the index may settle, but this would be very short-lived, Ail said.

The net profit for ICICI Bank is seen rising 11.6% on year to INR 114.61 billion for the quarter ended December, according to the average of estimates from 16 brokerages. However, the net profit is seen falling 2.4% on a sequential basis, mainly due to rising provisions. Friday, shares of the bank ended 0.6% higher at INR 1209.20 on the National Stock Exchange.   

Analysts are also optimistic about IndusInd Bank, which will announce its results on Jan. 31

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* RBL Bk says slippages to fall by Mar 31 as stressed assets down from qtr ago

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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:

Reported by Kshipra Petkar

Edited by Saji George Titus

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