SBI and ICICI Bank: Technical details highlighted for traders

Vishal Wagh, Research Head at Bonanza Portfolio says that Bank Nifty will be underperforming Nifty in the coming week also. On the higher side, 32500-32700 will work as resistance on Bank Nifty and on lower side 30400 may be the last hope for Bulls. Detailed analysis on SBI and ICICI Bank are highlighted below

Post a decent rally pre and post-budget the SBI has corrected on the expected ground and the zeroed target of Rs 340 had achieved in the process SBI has touched levels of Rs 322: Reuters

Vishal Wagh, Research Head at Bonanza Portfolio says that Bank Nifty will be underperforming Nifty in the coming week also. On the higher side, 32500-32700 will work as resistance on Bank Nifty and on lower side 30400 may be the last hope for Bulls. Detailed analysis on SBI and ICICI Bank are highlighted below.

SBI Share price:

Vishal says the PSU banks are already underperforming major indices. Post a decent rally pre and post-budget the SBI has corrected on the expected ground and the zeroed target of Rs 340 had achieved in the process SBI has touched levels of Rs 322. Thanks to the strongest demand zone between Rs 325 – Rs 340 a decent pullback is seen in the SBI. Moving forward, the PSU bank indices but SBI is underperforming the major indices on a daily basis. But on a weekly and monthly basis, the chart set-up is still favouring the SBI. The big candle Post budget is still valid and only retraced by 66% still the bottom of Rs 286 is not broken. On the higher side, the level of Rs 368 will be tested in a day or two and if it sustains above it then one can see the resumption of the uptrend.

TRENDING NOW

See Zee Business Live TV Streaming Below:

ICICI Bank share price:

Vishal said that ICICI Bank has already given up its major gains post Budget and now it has just managed to hold above Rs 550 levels which were breakout levels on monthly basis at the start of the calendar year 2021. On a daily and weekly basis, ICICIbank has started underperforming major indices. Though, ICICIbank is showing major support around the weekly demand zone of the Rs 528 – Rs 540 area. On the monthly basis, it seems completed through back post-breakout above Rs 550 levels. So, on the lower side, Rs 520 – Rs 528 is a support zone. On the flip side, Rs 590 is a resistance zone. Only, post-breakout of either level stock may see further move. In the case of penetration below Rs 520, the stock may drift towards Rs 500 – Rs 488 levels. Above Rs 590 it will show a stronger short recovery which may lead prices towards Rs 623 – Rs 636 levels.

TAGS:

SBI ICICI Bank