These bank stks may tank up to 18% as second Covid wave threatens recovery

The next support for the Nifty Bank index is at 30,000. Any breach of the same may result in a bearish trend towards 28,000-mark

Financial stocks came under heavy selling pressure at the bourses on Monday, falling up to 7 per cent in intra-day trade, on the National Stock Exchange (NSE) as concerns over near-term growth momentum and asset quality improvement destabilising due to the pandemic-induced local lockdowns weighed on sentiment. 

In the intra-day trade, the financials related indices - Nifty Bank, Nifty Financial Services, Nifty PSU Bank, Nifty Private Bank indices – were down in the range of 4 per cent to 6 per cent on the NSE. Individually, AU Small Finance Bank, IDFC First Bank, RBL Bank, ICICI Bank, Axis Bank, IndusInd