Has banking stocks topped out as Bank Nifty retraces 2% from life-time high?
Live MintBank Nifty index has been under profit-booking trigger after scaling to life-time high of 44,498.60 on 16th June 2023. On pivot levels to ascertain bullish or bearish trend in banking sector, Vashali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "For Bank Nifty index, the level of 43,000 remain as the strong support while 44,400 would be strong resistance barrier which needs to be breached decisively for fresh breakout." Prabhudas Lilladher said that till Bank Nifty index is in current range, it would be difficult to say whether banking stocks have topped out or it is taking a breather after a long bull run. Vaishali Parekh went on to add that fresh rally in banking stocks can be ascertained only when Bank Nifty index breaches 44,500 hurdle on a closing basis. Bank stocks to watch next week On banking stocks that may play a key role in fresh rally on Bank Nifty index, Saurabh Jain, Vice President — Research at SMC Global Securities said, "In private sector banks, ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank may bounce back after the current profit booking trigger.