Nifty Bank up 2% on Thursday, Axis Bank remains top gainer – Analyst picks Indusind Bank, ICICI Bank, SBI for these targets
Private lender Axis Bank was the biggest gainer, trading at Rs 812 .25. It was up trading up 3 per cent, outperforming the Nifty Bank index. Around 6 million shares were trading on the NSE
The banking sector stocks were trading with strength on Thursday riding on the momentum in the overall markets. The Nifty Bank was trading at 37, 713.70 around 12:30 pm, up by almost 2 per cent from the last trading price on Wednesday. All 12-stocks in the index were trading positively around this time.
Private lender Axis Bank was the biggest gainer, trading at Rs 812 .25. It was up trading up 3 per cent, outperforming the Nifty Bank index. Around 6 million shares were trading on the NSE.
It was followed by Indusind Bank and ICICI Bank which were up over 2 per cent.
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Meanwhile, the largest private lender HDFC Bank was trading up 1.8 per cent around this time at Rs 1561.80.
Among the PSU Bank stocks, State Bank of India (SBI) shares was the biggest gainer on the Nifty 50. The stocks were trading up almost 2.2 per cent at Rs 448.35.
Punjab National Bank (PNB) shares were trading at Rs 38.60, up by 1.2 per cent.
Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking was bullish on certain banking stocks with a positional term view.
The technical analyst picked Indusind Bank and ICICI Bank as his top buys among the private sector banks. His recommendation on PSU banks included SBI.
At Rs 1163, the Indusind Bank share was trading near its 52-week high of Rs 1186.50. Jain puts a positional target price at Rs 1200 and Rs 1300. He said that the targets are for October series.
As for ICICI Bank, he puts a target of Rs 734, which is also its 52-week high. This is with a one-week view. It was trading at Rs 718 around this time.
Jain said that SBI remains a banking heavy weight which will not only give momentum to NiftyBank but also lead the pack in the Nifty PSU Bank index. He puts a target price of Rs 500 with a one-month view. The stock has turned back from its life highs of Rs 471.90 it attained on 17 September. Today it was trading at Rs 448.35 – just the right levels to make a move in it Jain opined.
(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
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