Selling Dominates Nifty Bank: Technical Outlook for Key Stocks

12 בינו׳

◉ Nifty Bank Technical Outlook BANKNIFTY
● The index has broken below its trendline support and is currently testing its immediate support zone between 48,300 and 48,600.
● If selling pressure persists, the index may plummet another 5% to find support around the 46,000 level.

◉ Key Constituents' Technical Standings
Let's dive into the technical analysis of the top Bank Nifty constituents to gauge their current standings and potential future movements.

1. HDFC Bank (Weightage - 28.11%) HDFCBANK

● As the leading component, HDFC Bank is poised to exert downward pressure on the overall index.
● The stock has broken below its trendline support and has been falling continuously for the last 6 trading sessions.
● Support level is expected somewhere between 1,600 - 1,610 level which is around 3.4% below from the current level.

2. ICICI Bank (Weightage - 24.98%) ICICIBANK

● The stock has also fallen below its trendline support and is currently hovering just above its immediate support zone.
● If this support is breached, a significant correction could drive the price down to around 1,150.

3. Kotak Mahindra Bank (Weightage - 8.80%) KOTAKBANK

● The stock has been consolidating within a range for almost 4 years.
● Recent chart patterns suggest the price may test its support zone again, around 7.7% below the current level.

4. Axis Bank (Weightage - 8.54%) AXISBANK

● Axis Bank's chart shows a bearish pattern, similar to HDFC Bank's, and is likely to experience a fall of around 6%.

5. State Bank of India (Weightage - 8.45%) SBIN

● The stock is currently positioned just above its immediate support level, suggesting a strong potential for a rebound from this point.