Foreign investors who didn't increase relative positioning in India over last 2-2.5 years waiting for this clearing event, will start focusing back on growth-driven policies or reforms
if the Bank index succeeds to close over 41,000 mark, which is right above its 21-DMA, the short-term upside may poised to rally towards 42,000 level,
In the past six months, the stock of Federal Bank rallied 40 per cent, as compared to 12 per cent rise in the S&P BSE Sensex
Stock reaching fresh 52-week highs may further see up to 23 per cent upside
HDFC Bank's stock to turn bearish only beneath the support of Rs 1,500
The derivative analyst from HDFC Securities recommends to Buy Federal Bank 128 Put and simultaneously Sell 125 Put for the December expiry.
Here's how key constituents of the Nifty Bank index look on the charts.
In Q2FY23, Federal Bank also recorded its highest ever net interest income of Rs 1,762 crore, which was up 19 per cent YoY