Bank Nifty could rise to 31,300, say analysts
The banking index touched a fresh record high of 30590.95 during Tuesday’s session.
Head-Technical and derivatives, Axis Securities
Bank Nifty started the week on positive note and managed to give breakout of last eight day consolidation range of 29700-30200 on closing basis. The chart pattern suggests if Bank Nifty sustains above 30500 level then it would continue its upward momentum. We can see 30800-31200 levels in near term. However, on the lower side 30400-30250 are likely to act supports for minor corrective action. On the daily chart, Bank Nifty continues to hold and sustain above its 20-day simple moving average which indicates positive bias in near/short term . The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias so buying on dips continues to be our preferred strategy.
Top 3 banking stock picks: Buy Kotak Bank at Rs 1370-Rs 1380 for target of Rs 1430-Rs 1450 with stop loss of Rs 1,350
Buy IndusInd Bank at Rs 1800-Rs 1817 for target of Rs 1850-Rs 1875 with stop loss of Rs 1775
Buy ICICI Bank at Rs 403-Rs 408 for target of Rs 430-Rs 440 with stop loss of Rs 396
Technical Analyst-Institutions, Sushil Finance
In our ET article dated March 4 we had first given breakout call on Bank Nifty. Since then the index has had a 3000 points rally. The rally has been led by ICICI Bank, Axis Bank and State Bank of India. At current levels, though upside seems capped, we expect the uptrend to continue with short to medium term target of 30900-31200 levels. We expect other components of the Bank Nifty such as IndusInd Bank and Kotak Mahindra Bank to join the rally.
Top 3 banking stock picks: At current levels ICICI Bank, Kotak Mahindra Bank and SBI shares are looking good for higher targets of Rs 421-Rs 440, Rs 1425 and Rs 341 respectively.
Chief Analyst - Technical and derivatives, Angel Broking
Top 3 banking stock picks: Expect HDFC Bank to head to Rs 2380 – Rs 2420 over the next few weeks.
Expect ICICI Bank to head towards Rs 440 – Rs 445.
Expect RBL Bank to head to Rs 740-Rs 760 in the medium
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