Nifty Bank index may hit record levels of 33,000 if it surpasses the resistance of 32,300
Analysts at BofA Securities have upgraded Axis Bank, IndusInd Bank, and State Bank of India (SBI) on a "surprisingly" resilient asset quality outlook, and reasonable valuations
The medium-term trend of Sensex is bullish till the time it defends 44,000 levels
The broader market, too, gained in the trade though it underperformed the frontline indices.
In the past one week, Nifty Bank index has slipped 6 per cent as against 3.3 per cent fall in the Nifty50 index
India Ratings and Research has revised its outlook on the banking sector to 'Negative' for H2FY21.
Central Bank of India, Indian Bank, Canara Bank, J&K Bank, and Indian Overseas Bank were up in the range of 1.9 and 2.7 per cent
The Reserve Bank of India (RBI) is set to meet for the three-day monetary policy meeting between August 4 and 6. Analysts expect the MPC to face dilemma of firmed up inflation and flattering growth
UCO Bank, Central Bank of India and Bank of Maharashtra surged more than 5%, while Bank of India, Union Bank of India, PNB, IOB, Bank of Baroda and SBI were up in the range of 2% to 4% on the NSE
The index has fallen 32% since January, against an 8.2% decline in Nifty50
That apart, NBFC stocks such as Bajaj Financial Holding, Bajaj Finserv, M&M Finance, Choldamandalam Investment and Finance Company, and Bajaj Finance tumbled up to 5 per cent
Quality stocks in banking and financial services sector are still available at attractive valuations
Here's a look at what major technical indicators suggest for Nifty Bank and its key constituents and what should be your trading strategy
The gains come after huge selling pressure and consequent under-performance of banking stocks since the start of March
A gap down close after touching 100-DMA indicates selling pressure in HDFC Bank. he counter has consistently failed to conquer 100-DMA as gap-down close has forced prices to correct even further.
The rally was mostly due to positive global cues that saw the US markets close firm on Monday on hope of an economic recovery after a successful early-stage trial of a coronavirus vaccine
Of 30 constituents, 20 declined and 10 advanced. Mahindra & Mahindra ended as the top loser on the index while telecom major Bharti Airtel was the biggest gainer
Sectorally, IT stocks took the biggest knock as the Nifty IT index declined 3.5 per cent to 13,293.70 levels. Nifty Bank lost 566 points or nearly 3 per cent to 19,068.50 levels
Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635
Premium growth and persistency ratio could be impacted in the near term, but overall performance may be ahead of other BFSI players