Suspense crime, Digital Desk : Technical analysts are expressing strong optimism for India’s banking sector, predicting that the Nifty Bank index is on track for a major rally. Following a decisive breakout from its recent consolidation phase, experts are projecting that the index could climb towards the ambitious 60,000 level. This bullish sentiment is being driven by the strong performance and positive chart patterns of several key heavyweight banking stocks.
The Nifty Bank index recently surpassed the crucial 51,000 mark, signaling a potential new wave of upward momentum. With strong support established around the 50,000 level, analysts see the potential for the index to first test the 55,000 mark before continuing its journey towards the 60,000 milestone.
This positive outlook is not just for the index as a whole, but is also reflected in the strong technical setups of its largest constituents. Analysts have identified five major banks that are showing significant upside potential and are recommended as “buy” opportunities.
Key Banking Stocks to Watch:
HDFC Bank: As a leader in the private banking space, HDFC Bank is showing strong potential and is recommended with a target price of ₹1,850.
ICICI Bank: Another private sector giant, ICICI Bank is demonstrating robust momentum. Analysts have set a target price of ₹1,250 for the stock.
Axis Bank: With a positive chart structure, Axis Bank is also on the “buy” list, with experts seeing it reach a target of ₹1,350.
State Bank of India (SBI): The country’s largest public sector bank is a key driver of the index. SBI has been given a target price of ₹950.
Indusind bank: This private lender completes the list of top picks, with technical analysis suggesting a target price of ₹1,650.
The collective strength of these banking behemoths is expected to provide the primary thrust for the Nifty Bank’s anticipated rally, making the sector a key focus for investors in the coming months.
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