Domestic equity indices made record levels on Tuesday but ended the session slightly lower, thanks to profit-booking at higher levels. The BSE Sensex declined 58.80 points, or 0.08 per cent to settle at 74,683.70. NSE's Nifty50 index shed 23.55 points, or 0.10 per cent, to end the session at 22,642.75.All eyes are now set on Q4 earnings that will kick off later this week.
A few banking stocks namely Bandhan Bank Ltd, RBL Bank Ltd and IndusInd Bank Ltd are likely to remain under on traders’ radar today. Here is what Santosh Meena, Head of Research at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
Bandhan Bank | Resistance: Rs210-250 | Support: Rs 180-160
Bandhan Bank is currently experiencing a pronounced downtrend, with indications pointing towards a potential bottoming out near the Covid lows in the range of Rs 180-160 per share. However, the stock faces formidable resistance within the Rs 200-210 supply zone, presenting a significant challenge. Only a sustained breakthrough above the Rs 210-mark holds the potential for a short-term trend reversal, paving the way towards the Rs 250 level.
RBL Bank | Resistance: Rs 275-290 | Support: Rs 252-242
RBL Bank has demonstrated a noteworthy rebound from its 200-day moving average (DMA) following a significant correction. Yet, it faces a formidable barrier at the downsloping trendline resistance situated around the Rs 264 mark. Surpassing this level of Rs 264 could signal a further upward momentum, potentially propelling the stock towards levels of Rs 275 or even Rs 290 level. Conversely, on the downside, the immediate support stands at Rs 252, with crucial support clusters at the 20- and 200-DMA, positioned at Rs 242, serving as pivotal levels to monitor for potential downside movements.
IndusInd Bank | Resistance: Rs 1,575-1,695 | Support: Rs 1,530-1,510
Indusind Bank has recently formed a triple bottom pattern around its 200-day moving average (DMA), with a notable neckline resistance at Rs 1,575. A breakout above this level could potentially trigger a bullish move towards the previous all-time high of Rs 1,695. Conversely, on the downside, strong support is observed in the range of Rs 1,530 to 1,510, bolstered by a cluster of multiple moving averages. Furthermore, the 200-DMA acts as a significant support level, positioned at Rs 1,480. Monitoring these levels could provide valuable insights into potential price movements and trend directions for Indusind Bank. Read more:
