Not HDFC or YES Bank: These 3 bank stocks can rally up to 16%, say charts

Here's a technical outlook on HDFC Bank, ICICI Bank, YES Bank, RBL Bank, Union Bank of India post Q1 results.

Bank shares were buzzing trade on Monday, with private-sector leaders - HDFC Bank and ICICI Bank gaining up to 2 per cent each as these stocks reacted to Q1 results over the weekend.  HDFC Bank reported a 1.3 per cent year-on-year (YoY) decline in Q1 net profit at ₹16,475 crore; while the bank also announced a 1:1 bonus share issue. Meanwhile, ICICI Bank posted a 15.5 per cent growth in net profit at  ₹12,768 crore.  Among others, YES Bank Q1 net soared over 59 per cent, and Union Bank of India's increased by 12 per cent. RBL Bank, however, registered a 46 per cent dip in net profit. On the bourses, RBL Bank and Union Bank shares slipped around 3 per cent each, while YES Bank traded on a flat note in early deals today.  ALSO READ |  Near-term bias for Nifty turns negative, can dip 3% from here; hint charts  Here's a technical outlook on these 5 bank stocks. 

HDFC Bank

Current Price: ₹1,986  Likely Target: ₹2,090  Upside Potential: 5.2%  Support: ₹1,941  Resistance: ₹2,030  HDFC Bank stock is seen testing its support at the short-term moving averages on the daily chart. The 20-DMA stands at ₹1,991 and the 50-DMA at ₹1,955. The short-term bias at the counter is likely to remain positive as long as the stock holds above ₹1,941 levels. Break and sustained trade below this support, can trigger a fall towards ₹1,900 and ₹1,815 levels. 

 

  On the upside, the stock can potentially jump to ₹2,090 levels, with interim resistance likely around ₹2,030 levels. 

ICICI Bank

Current Price: ₹1,451  Likely Target: ₹1,675  Upside Potential: 15.4%  Support: ₹1,433; ₹1,401  Resistance: ₹1,455; ₹1,525   ICICI Bank stock is seen testing resistance around the higher-end of the Bollinger Bands, at ₹1,455 levels. Break and sustained trade above the same can trigger an up move towards ₹1,525 levels. The stock will need to conquer this hurdle to open the doors for an extended rally towards ₹1,675 levels. Support for the stock is seen around its 20-DMA at ₹1,433; and the trend line at ₹1,401.  ALSO READ | Analysts suggest 'buying' ICICI Bank stock, hike target price on Q1 beat 

 

 

YES Bank

Current Price: ₹20.22  Likely Target: ₹19  Downside Risk: 6%  Support: ₹19.70; ₹19.40  Resistance: ₹20.60  YES Bank has been trading with a negative bias for the last one month. The near-term bias is likely to remain tepid as long as the stock trades below ₹20.60 levels, shows the daily chart. On the downside, the stock may re-test support around 100-DMA at ₹19 levels, with interim support visible at ₹19.70 and ₹19.40 levels. 

 

 

RBL Bank

Current Price: ₹258  Likely Target: ₹300  Upside Potential: 16.3%  Support: ₹254; ₹244  Resistance: ₹270  RBL Bank is seen trading with a favourable bias, and making higher-highs and higher-lows on the daily chart since late March. In case of interim dips the stock has consistently found support around its 20-DMA. The stock, once again, is seen testing this short-term support which now stands at ₹254, shows the daily chart. 

 

  The overall bias at the counter is likely to remain positive as long as the stock trades above ₹244. On the upside, the stock is likely to target ₹300-mark, with interim resistance likely around ₹270 levels. 

Union Bank of India

Current Price: ₹142  Likely Target: ₹160  Upside Potential: 12.7%  Support: ₹140.40; ₹133.50  Resistance: ₹150; ₹156  Union Bank stock is seen testing its crucial support on the daily chart, which stands at ₹140.40. The bias at the counter is likely to be cautiously optimistic as long as this support is held. On the upside, the stock can potentially bounce back to ₹160 levels, with interim resistance likely around ₹150 and ₹156 levels.  On the other hand, in case, the stock falls below the crucial support, the bias shall turn negative, and the stock may then extend the fall towards the 100-DMA, which stands around ₹133.50 levels.