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Equity markets extended their Budget-day rally into second day on Wednesday as the government's pro-growth proposals, along with continuation of long-term reforms in the budget boosted investor confidence. The frontline BSE Sensex and the Nifty indices gained 1 per cent each today, after rising 1.4 per cent yesterday.
Large part of Wednesday's rally was due to robust buying in financial stocks that are set to gain due to Budget proposals. HDFC Bank, Kotak Bank, Axis Bank, Bajaj twins, and HDFC were 6 of the top 10 Sensex contributors today. Meanwhile, Canara Bank hit a new 52-week high and IDFC ltd is few bucks away from touching a new level. This comes as analysts expect Budget proposals for fiscal year 2022-23 to result in healthy credit growth, higher revenues, and improved margins. On the bourses, the Nifty Bank index has already gained about 4 per cent, so far, this week. READ ABOUT IT HERE
Here's how the related stocks look on charts:
LIC Housing Finance Ltd (LICHSGFIN)
Likely target: Rs 440
Upside potential: 10%
Shares of LIC Housing Finance Ltd are attempting to breach the trendline resistance at Rs 401, as per the weekly chart. If it manages to conquer the level, it will result in successfully crossing the horizontal resistance range of Rs 401 to Rs 399 levels and may lead to a rally toward the Rs 440 level. The stock has immediate support at Rs 380. CLICK HERE FOR THE CHART
IndusInd Bank Ltd (INDUSINDBK)
Likely target: Rs 1,050
Upside potential: 10%
IndusInd Bank shares are breaking out of the "Double Bottom" formation and any move above Rs 950 should see addition of longs. A close above the same could trigger a rally towards Rs 1,050 level. This bullish sentiment is aided by the Moving Average Convergence Divergence (MACD), which is on the track to cross the zero line. The immediate support falls at Rs 920. CLICK HERE FOR THE CHART
Canara Bank (CANBK)
Likely target: Rs 300
Upside potential: 12%
After hitting a new 52-week high, the stock is headed towards the next hurdle of Rs 300, as per the formation of weekly and monthly charts. The trend remains highly bullish as long as Rs 245 is not violated with consecutive red close. The underneath strength reveals a strong ability of the stock to absorb selling pressure. CLICK HERE FOR THE CHART
IDFC Limited (IDFC)
Likely target: Rs 72 and Rs 80
Upside potential: 8% to19%
IDFC Limited has crossed major resistance of Rs 65, which it had been struggling to conquer since late 2016, as per the weekly chart. Whenever a stock defeats the selling pressure of a long–awaited level, the breakout is guided to flourish in bigger gains. The next resistance falls at Rs 72 and Rs 80 levels. The immediate support comes at Rs 63 and Rs 60 levels. CLICK HERE FOR THE CHART
ICICI Prudential Life Insurance Company Ltd (ICICIPRULI)
Likely target: Rs 640
Upside potential: 15%
The stock can easily deliver over 15 per cent return if it holds its crucial support of Rs 530. This level becomes the neckline for further downside, as per the daily chart. The current volume scenario does not reflect a negative bias. CLICK HERE FOR THE CHART
Likely target: Rs 440
Upside potential: 10%
Shares of LIC Housing Finance Ltd are attempting to breach the trendline resistance at Rs 401, as per the weekly chart. If it manages to conquer the level, it will result in successfully crossing the horizontal resistance range of Rs 401 to Rs 399 levels and may lead to a rally toward the Rs 440 level. The stock has immediate support at Rs 380. CLICK HERE FOR THE CHART
IndusInd Bank Ltd (INDUSINDBK)
Likely target: Rs 1,050
Upside potential: 10%
IndusInd Bank shares are breaking out of the "Double Bottom" formation and any move above Rs 950 should see addition of longs. A close above the same could trigger a rally towards Rs 1,050 level. This bullish sentiment is aided by the Moving Average Convergence Divergence (MACD), which is on the track to cross the zero line. The immediate support falls at Rs 920. CLICK HERE FOR THE CHART
Canara Bank (CANBK)
Likely target: Rs 300
Upside potential: 12%
After hitting a new 52-week high, the stock is headed towards the next hurdle of Rs 300, as per the formation of weekly and monthly charts. The trend remains highly bullish as long as Rs 245 is not violated with consecutive red close. The underneath strength reveals a strong ability of the stock to absorb selling pressure. CLICK HERE FOR THE CHART
IDFC Limited (IDFC)
Likely target: Rs 72 and Rs 80
Upside potential: 8% to19%
IDFC Limited has crossed major resistance of Rs 65, which it had been struggling to conquer since late 2016, as per the weekly chart. Whenever a stock defeats the selling pressure of a long–awaited level, the breakout is guided to flourish in bigger gains. The next resistance falls at Rs 72 and Rs 80 levels. The immediate support comes at Rs 63 and Rs 60 levels. CLICK HERE FOR THE CHART
ICICI Prudential Life Insurance Company Ltd (ICICIPRULI)
Likely target: Rs 640
Upside potential: 15%
The stock can easily deliver over 15 per cent return if it holds its crucial support of Rs 530. This level becomes the neckline for further downside, as per the daily chart. The current volume scenario does not reflect a negative bias. CLICK HERE FOR THE CHART
