SBI has seen long-build in the November series, with a 3 per cent rise in open interest and price so far, says the technical & derivative analyst.
The Nifty PSU Bank index hit a new high of 3,811.15 on Wednesday, and has zoomed 67 per cent from its 52-week low of 2,283.85, touched on June 20, 2022.
Shares of State Bank of India (SBI) climbed nearly 5% to an all-time high on Monday after the country's largest lender reported a record quarterly profit
SBI with its humongous size has reported consistently upbeat performance with this quarter seeing above par growth in earnings and return ratios, said analysts.
SBI Q2 preview: SBI's NII is expected to grow less than 10 per cent both, yearly and sequentially, and may come in the range of Rs 32,681 crore to Rs 33.537.6 crore
The Nifty PSU Bank index hit a fresh 52-week high on Friday and has gained 15 per cent so far this month. The index can rally another 4 per cent.
Public sector banks are well placed on charts, indicate positive upside in coming days, while Private Banks rigorously need to take off their respective hurdles.
A recovering economy may lead to higher credit demand from corporates, despite rising rates and there are signs that retail consumption is picking up
Here are trading strategies for key banking stocks that will help you maximise your gain.
The PSU Bank index has rallied 31 per cent as against a 16 per cent surge in the benchmark from June lows; Among stocks, Bank of Baroda, Indian Bank and Union Bank of India can rally up to 16%.
Paytm and Nykaa have logged smart gains gains in trade so far on Monday post Q1 results, while SBI and BPCL declined notably. Going ahead these are the key levels to be watched on these stocks.
Shares of State Bank of India were down after the bank on Saturday missed estimates with a 6.7% fall in first-quarter net profit hit by investment losses
Gradual improvement in margin, steady operational efficiency coupled with adequate provision buffer to aid earning momentum, analysts said.
According to the analyst from Anand Rathi, SBI has not seen any meaningful correction, and the stock now hovers near the multiple tops zone.
Stocks to Watch Today: CRISIL, GSFC, Hindustan Zinc, JSW Energy, Mphasis, PVR, RBL Bank and SRF to announce Q1 results on Thursday.
In the past one month, SBI has rallied 17 per cent, as compared to a 5 per cent gain in the stock price of LIC.
Stocks to Watch Today: HDFC and HDFC Bank are likely to be in focus as the stocks exchanges have approved the proposed merger for these two corporates.
In the financial sector, Wood now holds SBI, Bajaj Finance, ICICI Prudential Life, ICICI Lombard and CAMS besides HDFC Bank in his India long-only equity portfolio.
Shares of banks and NBFCs seem to be better placed on the charts, while that of automobile, realty and others need to sustain above the crucial levels.
According to the technical analyst from Anand Rathi, both the stocks have taken support at historic levels and the RSI is showing an impulsive behavior.