Bank Stocks Outlook
Bank Nifty seen rangebound with positive bias next week
This story was originally published at 20:09 IST on 31 October 2024
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MUMBAI – The Bank Nifty is seen rangebound with a positive bias next week, analysts said. "The 51000-51150 (level) will provide short-term support for the index, while resistance stands near the previous swing high at 52580." Hrishikesh Yedve, senior technical analyst at Asit C. Mehta Investment Interrmediates Ltd., said.
"In the immediate term, Bank Nifty is expected to consolidate between 51000 and 52580. Either side's breakout will set up the index's next move," he added. On Thursday, the index closed 0.6% lower at 51475.35 points on the National Stock Exchange. During the week, the index rose 1.4%.
Shares of State Bank of India will be in focus next week, as the largest public sector bank is all set to announce its earnings for the quarter ended September. On the National Stock Exchange, shares of the bank closed 0.3% lower at INR 820.20 on Thursday.
The NSE and Sensex will hold a Muhurat trading session Friday. The pre-open session will start at 1745 IST and the special live trading session will begin at 1800 IST and end at 1900 IST.
TOP HEADLINES
* Personal loan growth keeps cooling, but bks gold loans up 51% as of Sept 20
* Banks' loan growth lower than deposit growth for 1st time since April 2022
* Aiming to reduce NPA in MSME book below 5% in 2 years, says Canara Bank MD
* Earnings Review: Canara Bank's PAT up 11.3% as income rises, provisions down
* Analyst Concall: Federal Bank sees microfin space stabilising in next 2 qtrs
* FSIB recommends Ashok Chandra as MD, CEO of Punjab National Bank
* Earnings Review: Federal Bank Jul-Sept PAT up 11% YoY, NII up 15%
* Earnings Review: LIC Housing PAT rises nearly 12% on fall in expenses, NPA
* Analyst Concall: Indian Bank expects credit cost to come down considerably
* PNB sees lower gross NPA ratio FY25, raises deposit growth guidance
* Merger of slice and North East Small Finance Bank complete
* Expect margins to be stable till RBI cuts repo rate, says ICICI Bk ED Batra
* Continue to explore opportunity to acquire microfinance co, says YES Bank MD
* Bank of Baroda revises down credit, deposit growth guidance for FY25
* Analyst Concall: Slippages, credit cost to stay elevated Oct-Dec - Bandhan Bk
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 | 612.45 | 1.30 | 621.40 | 601.70 |
| Axis Bank | 1159.55 | (-)2.50 | 1188.00 | 1139.70 |
| Bank of Baroda | 250.96 | 4.80 | 257.10 | 245.10 |
| Federal Bank | 203.91 | 9.50 | 208.20 | 198.90 |
| HDFC Bank | 1735.70 | (-)0.40 | 1750.80 | 1711.80 |
| ICICI Bank | 1292.25 | 2.90 | 1330.30 | 1269.50 |
| IDFC First Bank | 65.93 | 0.70 | 72.40 | 62.30 |
| IndusInd Bank | 1055.60 | 1.30 | 1078.40 | 1032.60 |
| Kotak Mahindra Bank | 1731.10 | (-)2.10 | 1756.50 | 1711.20 |
| Punjab National Bank | 97.90 | 2.30 | 102.20 | 94.50 |
| Canara Bank | 102.65 | 8.90 | 105.00 | 101.00 |
| State Bank of India | 820.20 | 5.00 | 835.00 | 806.10 |
| Nifty Bank | 51475.35 | 1.40 | 52287.20 | 50912.20 |
| Nifty 50 | 24205.35 | 0.10 | 24450.00 | 24050.30 |
| S&P BSE Sensex | 79389.06 | (-)0.00 | 80331.00 | 78817.00 |
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Kshipra Petkar
Edited by Tanima Banerjee
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