SBI, ICICI Bank and Yes Bank share price outlook I What investors can do - EXPLAINED

Sumeet Bagadia, Executive Director of Choice Broking recommends buying in SBI, ICICI Bank and Yes Bank for market participants. While SBI is the largest PSU Bank in the Banking Sector, ICICI Bank and Yes Bank are from the private banking space. The detailed technical analysis of the 3 stocks are highlighted below for better understanding of readers.

Sumeet Bagadia, Executive Director of Choice Broking recommends buying in SBI, ICICI Bank and Yes Bank for market participants: Reuters

Sumeet Bagadia, Executive Director of Choice Broking recommends buying in SBI, ICICI Bank and Yes Bank for market participants. While SBI is the largest PSU Bank in the Banking Sector, ICICI Bank and Yes Bank are from the private banking space. The detailed technical analysis of the 3 stocks are highlighted below for better understanding of readers.

On a daily chart, SBI has been trading in a Rising Wedge formation since the last many days and recently the stock has faced strong resistance of the upper band of the formation which indicates weakness in the counter upto the lower band of the formation. However, the stock has been trading above its 21 Days Moving Average which shows a positive trend for the time being. A daily momentum indicator RSI reading is at 64.80 levels with a negative crossover which points out for a negative breath in the counter. Based on the above technical structure, Sumeet is expecting a weakness in the counter upto the level of 280 from where bounce back can be seen in the counter.

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Sumeet says ICICI Bank should be bought around Rs 523 – Rs 525 with stop loss of Rs 508 and target of Rs 555. ICICI Bank has been trading in Higher Highs & Higher Lows formation from the last couple of days, which indicates continuation of uptrend. Moreover, the stock has been finding a support at Middle Bollinger Band formation & 21 days Simple Moving Averages. However, a momentum indicator RSI (14) & MACD is showing some weakness for near term. This could be a sign of further profit booking in the counter but downside move to be capped as overall, structure is bullish. So based on the above mixed technical structure, Sumeet is recommending buy on dips strategy in ICICI Bank for near term.

Sumeet says Yes Bank should be bought at Rs 18.6 with stop loss of 17 and target of Rs 21. Yes Bank has been consolidating in a narrow range from the last couple days, which indicates sideways movement in the counter. Moreover, after a small fall from the upper horizontal line, price has taken a good support at upward sloping trendline and lower band of Bollinger formation, which suggest immediate support around that area. Furthermore, a momentum indicator RSI & Stochastic have shown some strength and indicated positive crossover on the daily chart.
So based on the above technical structure, Sumeet is expecting an upside move above 18.60 levels for the target of 21.

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