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Bank Nifty stocks to buy today: Experts recommend 'buy' on HDFC Bank, ICICI Bank

ICICI Bank management change in FY19 has worked wonders and the bank has successfully transformed itself from a corporate focused bank to a retail bank. (Reuters)Premium
ICICI Bank management change in FY19 has worked wonders and the bank has successfully transformed itself from a corporate focused bank to a retail bank. (Reuters)

  • Stocks to buy today: Both Bank Nifty stocks have remained laggard in the recent market rally and one trigger would be enough for both the stocks to give sharp upside movement, say experts

Bank Nifty stocks to buy today: In the wake of selloff triggered yesterday, both Nifty and Bank Nifty received maximum beating that the market witnessed in the entire trade session. However, for stock market experts, this was nothing but profit-booking that took place after Nifty scaled its all-time high on Monday. They advised investors to take this dip as an opportunity and buy quality Bank Nifty stocks like ICICI Bank and HDFC Bank. Experts said that both HDFC Bank and ICICI Bank stocks have remained laggard in the recent market rally and one trigger would be enough for both the stocks to give sharp upside movement.

HDFC Bank share price target

Speaking on the fundamentals supporting HDFC Bank share price rally in upcoming trade sessions Partha Mazumder, Research Analyst at Ashika Stock Broking said, "HDFC Bank’s retail loan book growth has been hampered of late due to technological glitches. However, being the leading private bank, it would bounce back strongly and already started to beef up its technology platform and unveiled project ‘Future Ready’ to scale up digital platforms, identify new growth arenas and expand semi-urban and rural market. Besides, management capacities, superior margin profile and strong capital buffer provides confidence. We have a target of 1,655 with stop loss of 1,420."

Unveiling investment strategy in regard to HDFC Bank Sandeep Matta, Founder at TRADEIT Investment Advisors said, "HDFC Bank offers corporate banking and custodial services and is also involved in treasury and capital markets and known for its best-in-class customer services. Bank has seen signs of recovery in the retail segments with steady growth in both advances and deposits. Stable asset quality is further backed by sufficient provisioning built up over the prior quarters for contingent needs. One can buy this FIIs favourite stock at around 1450 for the target of around 1650."

HDFC Bank share price at NSE had closed at 1500.15 on Tuesday.

ICICI Bank share price outlook

Speaking on ICICI bank share price target in long-term Sandeep Matta of TRADEIT Investment Advisors said, "ICICI Bank management change in FY19 has worked wonders and the bank has successfully transformed itself from a corporate focused bank to a retail bank and management is continuously taking initiatives to de-risk its portfolio by adding granularity and by moving asset composition in favor of the retail segment. The credit growth has come back on track without compromising on assets quality."

Calling ICICI Bank shares as 'best bet' in private bank space Partha Mazumder of Ashika Stock Broking said, "ICICI Bank's retail loans has increased to 67 per in Q4FY21 from less than 40 per cent a few years ago. It has also undergone adverse corporate asset quality cycles, which bottomed out over FY18–19 and there is negligible stress from corporate loans ahead. The bank has leveraged technology for sourcing retail loans as well as for recovery and strong PCR (Put Call Ratio) and is thus the best bet in private banking space."

Asked about the investment strategy in regard to ICICI Bank stocks Sandeep Matta said, “The counter is advised to buy at all dips for the target of 722 in a years’ time frame with the stop loss of 550 on closing basis."

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