Home / Markets / Stock Markets /  SBI, ICICI Bank to HDFC Bank: Experts bet high on these 5 stocks as Nifty Bank index close to record high

Buy or sell stocks for today: Despite weakness in Indian stock market on Wednesday, Bank Nifty index outperformed key benchmark indices and registered whopping 532 points gain and finished at 41,405 mark. In this strong upside move, Nifty Bank index made an intraday high of 41,626.90 and came close to its life-time high of 41,829.60 levels, less than half per cent away from the record high.

According to stock market experts, growth in banking sector is expected to continue and it may reflect in sharp upside swing on Nifty Bank index. They said that on chart pattern, Nifty Bank index has formed higher top higher bottom on pattern that means further upside in the index in short to medium term. They said that Nifty Bank index may go up to 45,000 levels by this Diwali. On buy or sell stocks for today from banking segment they recommended State Bank of India (SBI), ICICI Bank, HDFC Bank, Axis Bank and RBL Bank shares to buy.

‘Nifty Bank may hit 45,000 by this Diwali’

Expecting further upside in Nifty Bank index, Anuj Gupta, Vice President — Research at IIFL Securities said, "Bank Nifty index has immediate support placed at 39,200 levels whereas the banking index has strong support at 38,000 mark. Bank Nifty is forming higher top higher bottom on chart pattern, which indicates further upside in the index. We are expecting Bank Nifty to go 44,000 to 45,000 levels by this Diwali."

Buy or sell stocks for today

On stocks to buy from banking segment Anuj Gupta of IIFL Securities said that positional investors can look at SBI, ICICI Bank, HDFC Bank, Axis Bank and RBL Bank as these banking stocks are expected to fuel rally in Nifty Bank index.

HDFC Bank share price target

Speaking on HDFC Bank shares, Vikram Kasat, Head Advisory at Prabhudas Lilladher said, "HDFC Bank showed advance growth of 21.6% YoY. The growth was primarily led by uptick in CRB segment 29% YoY) and retail(21% YoY) while corporate growth slowed which led to marginal uptick in margins by 5bps. Going forward with strong fundamentals around, this should give positive results."

"The stock has moved past the previous resistance zone of 1515 level to indicate a breakout improving the bias and is anticipated for further upward move in the coming days. The trend has got strong with the recent pullback witnessed and with the RSI also well placed is on the rise and has immense potential to carry on the momentum still further upward. We suggest to buy and accumulate this stock for an upside target of 1655 keeping the stop loss of 1465," Prabhudas Lilladher expert concluded.

SBI share price outlook

Expecting SBI share price rally to continue further, Ravi Singhal, CEO at GCL Securities said, “SBI is largest Indian bank in corporate funding. After Covid, demand for corporate funding is expected to shoot up due to unlock activities and opening of the economy. In such scenario, SBI's corporate lending business is expected to zoom in short to medium term. My advice for positional investors is to buy SBI at current levels and keep on accumulating till it is above 500 apiece levels maintaining strict stop loss at 497."

 

Ravi Singhal of GCL Securities said that SBI shares may go up to 644 per share levels by the end of March 2023 or FY23.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Asit Manohar

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