SBI, Yes Bank, ICICI Bank and HDFC Bank: What everyone needs to know about these Banking stocks


Nifty closed 36 up or 0.26% points 13514 while Sensex closed 139 points up or 0.3% at 46099. ONGC, NTPC, GAIL up 5% on Nifty. Zee Business Managing Editor Anil Singhvi said that Nifty at 13450-13475 is the support zone below that 13350-13400 is the strong buy zone while Nifty at 13525-13550 is day’s higher zone above that 13600-13650 is the profit booking zone. Sumeet Bagadia, Executive Director of Research at choice broking shares his technical views on SBI, Yes Bank, ICICI Bank and HDFC Bank.

Sumeet says one can buy State Bank of India at Rs 271.90 & upto 263 with a stop loss of Rs 245 and target of Rs 299 – Rs 326. On a daily chart, the stock has given a breakout of its Upper Band of Upward Rising Channel Formation which indicates a further spurt in the counter. Moreover, on an hourly chart, the stock has been trading in an Upward Rising Channel formation since the last many days which shows a continuity of the trend. Furthermore, the stock has been trading above its 50 Hourly Moving Average which shows a positive trend for the time being. Based on the above technical structure, Sumeet is expecting a good upside movement in the counter during an upcoming trading session.

Sumeet suggests buying Yes Bank in cash at Rs 17 with stop loss of Rs 15 and target of Rs 20. On the daily timeframe, the stock has given a long consolidation breakout with higher volume activity, which shows buying strength among the traders. Moreover, the price has also sustained above upper Bollinger Band formation, which indicates positive breath in the stock. Additionally, a momentum indicator RSI (14) reading is at 80 level and MACD showed positive crossover, which suggests positive biases for the near term. So based on the above structure, Sumeet is expecting a bullish move for near term.

Sumeet recommends buying ICICI Bank in cash at Rs 508 & upto 499 with a stop loss of Rs 472 and target of Rs 544 – Rs 580. On an hourly chart, the stock has been trading in an Upward Rising Channel formation since the last many days which shows a continuity of the trend. Moreover, the stock has been trading above its 50 Hourly Moving Average which shows a positive trend for the time being. An hourly momentum indicator RSI reading is at 68.42 and has been trending with its upward Rising Trend Line which points out for a positive breath in the counter.

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Sumeet says one can sell HDFC Bank around Rs 1375 with stop loss of Rs 1405 and target of Rs 1320. On the daily scale, HDFC Bank has shown some correction from the higher levels and formed a Doji candlestick in recent trades. Moreover the price sustained below middle Bollinger Band formation indicates a bearish move in the counter for the near term.   A momentum indicator RSI (14) and MACD has shown negative crossover, which suggest downward move in the counter. Hence, Sumeet is expecting a bearish move for near term.
 

 

 





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