Bank Nifty Index Faces Profit-Booking Trigger After Scaling Lifetime High
Bank Nifty index has been under profit-booking trigger after scaling to a life-time high of 44,498.60 on 16th June 2023. The banking index witnessed heavy profit booking in frontline stocks like State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank, Axis Bank, and some other banking majors. The index slipped down towards 43,622 levels, logging near a 2% dip from its all-time highs. The index is facing a tough hurdle at 44,000 to 44,100 levels. It is important to know whether banking stocks have topped out or they are taking a pause to prepare for a fresh leg of the rally after this profit-booking trigger as Nifty is yet to climb to a new peak.
Expert Views on the Outlook for Bank Nifty
Aamar Deo Singh, Head Advisory at Angel One said, “Overall, we are witnessing cooling-off in banking stocks post the spectacular rally witnessed across the board in the banking space. Going forward, we could witness consolidation in the banking space, with the broader range for Nifty Bank seen between 42,700 to 44,500 in the short-term.”
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “For Bank Nifty index, the level of 43,000 remains as the strong support while 44,400 would be strong resistance barrier which needs to be breached decisively for fresh breakout.”
Banking Stocks to Watch Next Week
Saurabh Jain, Vice President — Research at SMC Global Securities said, “In private sector banks, ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra Bank may bounce back after the current profit-booking trigger. In public sector bank, Bank of Baroda, State Bank of India, Punjab National Bank is expected to give better returns in the medium to long term.”
Disclaimer
The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. Investors are advised to check with certified experts before taking any investment decisions.
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