SBI, Axis Bank: 5 bank stocks that can rally up to 13% from current levels

Here are trading strategies for key private and public sector bank stocks

NIFTYBANK
Likely target: 36,750 and 37,000
Upside potential:  2% to 2.50%

After the breakout of a “Golden Cross” in April 2021, the index has faced still resistance at higher levels and has been unable to cross 36,000 levels, as per the weekly setup. The recent momentum, however, has propelled Nifty Bank above the said resistance and there are chances that it can see 36,750 levels in the days ahead, as per the daily chart. Also, the consolidation after the Golden Cross has seen the index hold the firm support of 100-days moving average (DMA), currently placed at 34,168 levels. The overall structure of weekly and daily charts suggests a positive rally that could see Nifty Bank surpass 37,000 levels and gain more ground. The immediate support comes at 35,500 levels. CLICK HERE FOR THE CHART

 

HDFC Bank Limited (HDFCBANK)
Likely target: above Rs 1,641 (all time high levels)
Upside potential: 7%

A weekly close above Rs 1,530 level may see a huge breakout in the stock that could lead to a new all-time high above Rs 1,641. Until the support of 50-weekly moving average (WMA), currently placed at Rs 1,403 mark is held decisively, the upside bias remains strong and the stock can move higher. The Relative Strength Index (RSI) has a resistance at 60 value; if that gets breached, the strength and momentum may take the stock even higher. CLICK HERE FOR THE CHART
 

ICICI Bank Ltd (ICICIBANK)
Likely target: Rs 750 and Rs 765
Upside potential:  6% to 8.50%

After claiming a new all-time high crossing previous level of Rs 679.40, the counter is gradually rising upward with a firm support base. The positive bias is intact as long as the counter manages to uphold Rs 679 levels.  The trend seems to be heading towards Rs 750 and Rs 765 levels, as per the daily chart. The Moving Average Convergence Divergence (MACD) is decently rising in an upward direction suggestive of the firm positive momentum.  CLICK HERE FOR THE CHART
 
State Bank of India (SBIN)

Likely target: Rs 480 and Rs 500
Upside potential:  9% to 13%

State Bank of India stock broke out from “Golden Cross” chart pattern above Rs 445 levels with healthy volumes last week. This up move has a support of 50-DMA, which is currently placed at Rs 428 levels. The medium-term outlook remains bullish as long as Rs 397 is held decisively on a closing basis, which also is SBI's 100-DMA as per techncial charts. The counter is heading towards Rs 480 and then Rs 500 mark, as per the technical setup on charts. CLICK HERE FOR THE CHART
 
Axis Bank Ltd (AXISBANK)

Outlook: Breakout above weekly close of Rs 780

Axis Bank needs to firmly close above Rs 780 levels on the weekly time frame for the stock to take a directional call. Once this happens, positive sentiment may prevail and the stock can trend higher. Until then, Axis Bank may see a mixed trend and remain range-bound. A breakout may then resemble ascending triangle pattern, which can take the stock towards Rs 850 levels, as per the technical analysis. The positive bias will remain intact above the support of Rs 700 levels. CLICK HERE FOR THE CHART
 
 
IndusInd Bank Ltd (INDUSINDBK)

Likely target: Rs 1,150 and Rs 1,200 (after a decent move above Rs 1,060)
Upside potential:  8% and 13%

IndusInd Bank is firmly holding the support of 100-DMA, which is placed at Rs 978 levels. The current momentum shows a positive sentiment that could see the stock head in the direction of Rs 1,060 levels, which is a significant breakout mark. If the counter manages to close strongly above Rs 1060 mark, it may then head towards Rs 1,150 and then Rs 1,200 levels, as per the daily chart setup. The MACD is making efforts to cross the zero line, indicating a positive direction in the coming sessions. CLICK HERE FOR THE CHART