Bank Nifty touches all life-time high. Which stocks should you buy today?

Stock market today: On account of strong Q4 results by Bank Nifty majors like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AU Bank, Federal Bank, etc., Indian bulls finally managed to hit its all-time high of 44,151.70. In early morning deals, Bank Nifty index opened higher and went on to hit intraday high of 44,078 levels. After Nifty Bank index breaching its 44,000 hurdle, speculations are rife whether it would be able to climb a new peak surpassing its current life-time high of 44,151.80 levels.

On reasons for rally in Bank Nifty today, Ravi Singhal, CEO at GCL Broking said, "After strong fourth quarter results of major contributors in Nifty Bank index, there is buzz in the markets that slowdown in economy is a bluff and demand and growth theme is still intact with the national economy. They said that there is high probability for the Bank Nifty to go up to 45,000 levels. However, they maintained that Bank Nifty is in overbought condition and profit booking may trigger any time."

Speaking on Bank Nifty outlook, Santosh Meena, Head of Research at Swastika Investmart said, "The Bank Nifty index has been demonstrating strong leadership and is expected to reach a new all-time high. However, it is important to acknowledge the possibility of profit booking at this level. If the index manages to stay above the previous high of 44,151 mark, it is likely to move toward the 44,444 and 45,000 levels. On the downside, the rising 20-day moving average (DMA) offers a robust support level, currently located at the 43,000 level, and is expected to counter any potential pullbacks. It is worth noting that a significant profit booking may only occur if the index falls below the 20-DMA."

Buy or sell stocks at Bank Nifty today

On stocks to buy today, Ravi Singhal of GCL Broking said, "One can buy Kotak Mahindra Bank shares and AU Small Finance Bank shares after the profit booking trigger."

Unveiling pivot levels in regard to these bank stocks to buy today, Sumeet Bagadia, Executive Director at Choice Broking said, "Buy and hold AU Small Finance Bank shares for near term target of ₹780 maintaining stop loss at ₹750. Likewise, one can buy and hold Kotak Mahindra Bank shares for short term target of ₹2050 and s 2100 maintaining stop loss at ₹1930 apiece levels."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.