Axis, ICICI, IndusInd Bank: Select pvt lenders poised for up to 10% upside

The Federal Bank stock is attempting a breakout on the upside by crossing Rs 103 level, the Relative Strength Index (RSI) has formed a positive crossover indicating a bullish strength.

ICICI Bank Ltd (ICICIBANK)

Outlook: Retesting the support of breakout

The shares of ICICI Bank have a breakout of “Double Bottom” at Rs 770 levels. The current weakness in recent times has tested the same support. As long as this support mark is protected, one can expect a recovery towards Rs 820 and Rs 840 levels, according to the daily chart. CLICK HERE FOR THE CHART

 

Axis Bank Ltd (AXISBANK)

Likely target: Rs 900 (after crossing Rs 820)

Upside potential: 10%

After conquering the resistance of Rs 760, the stock is ready to scale higher levels. The present scenario reflects minor hurdle at Rs 820 level. A stable move above this hurdle could see a jump towards Rs 900-mark. On the other hand, the support of Rs 780 needs to be defended on a closing basis. CLICK HERE FOR THE CHART

Bandhan Bank Ltd (BANDHANBNK)

Outlook: Sideways movement

The current scenario for the shares of Bandhan Bank exhibits a sideways to consolidation phase. On the higher end, Rs 330 seems to be the hurdle, while Rs 312 stays as the lower level support. Either side breakout would determine the next course of the action. The volumes have gone sluggish, displaying no signal in a particular direction. The breakout could easily garner 30 points in the respective direction. CLICK HERE FOR THE CHART

IndusInd Bank Ltd (INDUSINDBK)

Likely target: Rs 1,080 (after crossing Rs 950)

Upside potential:  10%

The “Double Bottom” formation of the IndusInd Bank shows a positive bias, according to the daily chart. An up move above Rs 985 could open the doors for Rs 1,080 level, which is almost 10 per cent upside. The immediate support comes at Rs 950 and Rs 910 levels. The Moving Average Convergence Divergence (MACD) has sustained above the zero line, pointing at an upward momentum. CLICK HERE FOR THE CHART

Federal Bank Ltd (FEDERALBNK)

Likely target: Rs 110

Upside potential:  7%

The Federal Bank stock is attempting to breakout on the upside by crossing Rs 103 level. If that happens, the stock could see a sharp rally in the direction of Rs 110, which is the next immediate resistance. The closing basis support stays at Rs 98 level, according to the daily chart. The Relative Strength Index (RSI) has formed a positive crossover indicating a bullish strength for coming sessions.  CLICK HERE FOR THE CHART