SBI, HDFC Bank, ICICI Bank, Axis Bank are stocks to buy! Expert reveals top trends, recommendations
SBI, HDFC Bank, ICICI Bank, Axis Bank stocks: Today, Nifty Bank index was trading positively at around 3 pm on with major stocks like SBI, HDFC Bank, ICICI Bank, and Axis Bank trading positively. While Nifty Bank was trading at 34,334.35, up by almost 2.2 per cent, Axis Bank was the top gainer and was up by over 3% from the previous closing price of Monday. SBI was up by 1.9%
SBI, HDFC Bank, ICICI Bank, Axis Bank stocks: Today, Nifty Bank index was trading positively at around 3 pm with major stocks like SBI, HDFC Bank, ICICI Bank, and Axis Bank trading positively. While Nifty Bank was trading at 34,334.35, up by almost 2.2 per cent, Axis Bank was the top gainer and was up by over 3 per cent from the previous closing price of Monday. SBI was up by 1.9 per cent around this time and was trading at 374.
The top trigger for Nifty Bank today was the decision by the Supreme Court in which it declined to extend the loan moratorium while also ruling that the waiver of complete interest was not possible. However, SC refused to allow banks to collect compound interest from borrowers.
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Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that the overall impact would have been much more positive had the banks been allowed to collect compound interest as well.
The apex court today stopped the banks from charging compound interest (interest on interest) or penal interest on any loan, irrespective of the amount, during the moratorium period.
A three-judge Bench of Justices Ashok Bhushan, Subhash Reddy and M R Shah also ruled that the amounts taken as compound interest or penal interest should be adjusted in future loan payments.
But, the stocks reacted positively.
This is what Jain said about SBI, HDFC Bank, ICICI Bank and Axis Bank
Stock to Buy – SBI – The AVP has a positive outlook on the stock and recommends a Buy on it. The immediate target price is Rs 385, while the stop loss is Rs 355. At the time of recommendation, the stock is trading around Rs 374.
Stocks to Buy – HDFC Bank – This stock is currently trading around 1503. He advises against any fresh positions in this stock. Buy on dips is recommended. The support zone is 1450-1420.
Stocks to Buy - ICICI Bank – He said this stock looks better and can be bought for a target price of Rs 600. It was trading around Rs 588 at the time of recommendation. It has strong support at Rs 560.
Stocks to Buy - Axis Banks – Best of the lot among the private banks, Jains said. It has a support around Rs 700. It was trading around Rs 738 at the time of recommendation. He puts the target price at Rs 750.
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