Stock Market Today: Nifty Bank – NSE index comprised of the most liquid and large capitalised Indian banking stocks– on account of strong Q4 results by Bank Nifty majors like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, AU Bank, Federal Bank, etc., Indian bulls finally managed to hit 44,000 levels for the first time since December 2022.
On reasons for rally in Bank Nifty today, Ravi Singhal, CEO at GCL Broking said, “After strong fourth quarter results of major contributors in Nifty Bank index, there is buzz in the markets that slowdown in economy is a bluff and demand and growth theme is still intact with the national economy.
At the time of filing this report, the index was trading at 44,501.50. Prior to this, Nifty Bank recorded a lifetime high at 44151.80 level on December 14, 2022, and earlier this year, the index had touched its all-time low of 38613.15 on March 16, 2023.
After Nifty Bank index breaching its 44,000 hurdle, speculations are rife about whether it would be able to climb a new peak surpassing its current life-time high of 44,151.80 levels.
Santosh Meena, Head of Research, Swastika Investmart Ltd., said: “Banknifty index has been demonstrating strong leadership and is expected to reach a new all-time high. However, it is important to acknowledge the possibility of profit booking at this level.”
Bank Nifty could touch all-time highs
“Bank Nifty bulls continued to hold their long positions and the intraday dip was utilized to maintain strength. The immediate resistance for the index is at 44,000 and the downside support is at 43,500. Karnataka polls will be crucial for the markets which will decide the direction in the next week. The index surpasses the level of 44,000 and will touch its all-time high level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty key resistance at 43,500
“For NSE Nifty Bank, 43,500 would be the sacrosanct level to watch out, above which it could rally till 44,000-44,300. On the other hand, a quick short term correction is possible if it trades below 43500 and below the same it could slip till 43,000-42,800,” said Amol Athawale, Technical Analyst (DVP), Kotak Securities.
Buy or sell stocks at Bank Nifty today
On stocks to buy today, Ravi Singhal of GCL Broking said, “One can buy Kotak Mahindra Bank shares and AU Small Finance Bank shares after the profit booking trigger.”
Unveiling pivot levels in regard to these bank stocks to buy today, Sumeet Bagadia, Executive Director at Choice Broking said, “Buy and hold AU Small Finance Bank shares for near term target of Rs 780 maintaining stop loss at Rs 750. Likewise, one can buy and hold Kotak Mahindra Bank shares for short term target of Rs 2050 and Rs 2100 maintaining stop loss at Rs 1930 apiece levels.”
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