SBI, Axis Bank to HDFC Bank — These banking shares to help Bank Nifty climb 32,000 mark, say experts

Stock Market News: Shares of SBI, Axis Bank, HDFC Bank, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank will play a major role in pulling Bank Nifty up to 32,000 levels.

Stock Market News: SBI is coming out of long underperformance to Bank Nifty after its Q2 results where there was a significant improvement in profitability and asset quality. Photo: Pixabay

Stock Market News: The stock market of India has gone into the bullish mode as the domestic institutional investors (DIIs) have been pumping money overwhelmingly in the share market. In fact, it's DIIs ínfused money in the share market that helped Sensex hit 40,816 — it's life-time high on November 20 and Nifty cross 12,000 levels. According to the market experts, the Bank Nifty has not shown the kind of upside movement which was expected from it and in their view, now it is its turn to scale 32,000 levels within one month and help Sensex and Nifty to scale further. According to them, banking shares like SBI, Axis Bank, HDFC Bank, Kotak Mahindra Bank, ICICI Bank and IndusInd Bank will play a major role in pulling Bank Nifty up to 32,000 levels.

Speaking on the Bank Nifty outlook Sumeet Bagadia, Executive Director at Choice Broking said, "In the recent times Bank Nifty hasn't shown that kind of rally, which the BSE Sensex and Nifty-50 indices have shown. Therefore, we are expecting next round of rally in the banking sector and shares like Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and IndusInd Bank will play a major role in lifting Bank Nifty index up to 32,000 levels."

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Standing in sync with the Bank Nifty outlook by Sumeet Bagadia; Prakash Pandey, MD & CEO at Plutus Advisors said, "Bank Nifty is facing resistance at around 31,500 levels, however, it has strong support at 31,000 levels. As the market is awaiting profit-booking, I would suggest stock market investors see 200-250 points correction in Bank Nifty as a buying opportunity as FIIs are going to pump their money in the private sector banks and being their favourite pick Axis Bank and HDFC Bank may pull Bank Nifty up to 32,000 levels in one month time. However, if we go by the DIIs investment pattern, SBI shares will also so some fresh rally in the coming one month." Pandey advised stock market investors to take buy position in the Bank Nifty t around 31,000 to 31,100 maintaining stop loss at 30,800.

Speaking on the SBI shares outlook Santosh Meena, Senior Analyst at TradingBells said, "SBI is coming out of long underperformance to Bank Nifty after its Q2 results where there was a significant improvement in profitability and asset quality whereas the supreme court's verdict in the Essar steel case is attracting marquee investors to look value in this stock."

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