stock market today: Nifty and Sensex halted their nine-day rally in morning trade on Monday after the US dollar bounced off a one-year low. However, the Nifty Bank index maintained its upward curve and remained in the green zone. Sense and Nifty are trading with a decline of 1.25 per cent today, about one and a half hours after the opening of the stock market, while Nifty Bank is trading with a gain of about 0.15 per cent. Nifty Bank index is up after booking profit at higher levels of 42,603. Hence, after nine days of continuous rally, Nifty Bank index seems untouched by any profit-booking trigger on Dalal Street.
Speaking on reasons for strength in Nifty Bank index despite sell-off in Nifty and Sensex in today’s deals, Avinash Gorakshkar, Head of Research, Profitmart Securities said, “The recent rally in Indian indices can be attributed to weakness in US dollar as dollar index can be attributed. Touched its one-year low of 100.80. However, it recovered from its one-year low following aggressive statements from some US Fed officials on raising interest rates. However, the US Fed Bank crisis in US has marked concerns of economic slowdown.It is going to focus on domestic driven sectors.Hence, we are expecting banking, auto, capital goods and real estate Stock to attract both DII and FII.
Why Bank Nifty outperformed Sensex, Nifty?
Avinash Gorakshkar said that FIIs have invested due to weakness in the US dollar in the last two weeks indian stock market And as banking and IT stocks have remained his favorites over the years, the Nifty Bank index has been able to emerge stronger among the three major benchmark indices on Dalal Street.
Why Nifty has been able to outperform Bank Nifty and Sensex Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher said, “Bank Nifty outperformed the Nifty index on Thursday as well as the previous resistance area of 42,000 levels and Closed strongly above key frontline.Banking stocks like ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Axis Bank are showing major correction in their bias and are expected to move higher in coming days.
Expecting Nifty Bank to continue to outperform Nifty and Sensex, Ravi Singhal, CEO, GCL Broking said, “I have been of the view that Nifty Bank is better positioned for a pull back rally than other indices as the recent The swing high of Nifty Bank was around 41,850 during the days of 2014-15 which it has crossed and sustained in the rally in the last nine days. Even today, Bank smelly The index has been able to sustain above 42,000 level which is a good sign for the listed stocks.”
Ravi Singhal of GCL Broking added to that swing higher smelly Placed around 18,120 while swinging higher.
stocks to buy today
Talking about buying banking stocks today, Ravi Singhal of GCL Broking said, “HDFC Bank and Kotak Mahindra Bank can be taken a look at as these stocks look strong from both fundamental and technical perspective.”
When asked which stocks to buy from the banking sector today, Avinash Gorakhkar said, “In the banking sector, ICICI Bank, Axis Bank and Kotak Mahindra Bank are my picks in private sector stocks, while in PSU bank stocks, are my top picks. Bank of Baroda and State Bank of India (SBI).
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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