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D-Street Buzz: Bank Nifty outperforms led by HDFC Bank, Axis Bank; RBL Bank up 5%

Bank Nifty was up 2 percent led by gains from RBL Bank which jumped 5 percent followed by Axis Bank and HDFC Bank which gained 2 percent each.

November 24, 2020 / 11:26 AM IST

Bulls are in charge of Dalal Street as Nifty crossed the 13,000 mark for the first time ever. Sensex is up 306.82 points or 0.7 percent at 44383.97, and the Nifty gained 92.40 points or 0.71 percent at 13018.90.

The rally in the market has been largely aided by banking names. Bank Nifty was up 2 percent intraday led by gains from RBL Bank which jumped 5 percent followed by Axis Bank and HDFC Bank which gained 2 percent each.

HDFC Bank share price hit new record high after CLSA maintained buy on the stock. The global research firm has retained buy on the stock and has raised target from Rs 1525 to Rs 1700 per share. The research firm is of the view that macro environment has improved materially post lockdown adding that better use of data analytics is leading to lower retail stress against PAT cycles.

Axis Bank share price gained after Jefferies retained buy on the stock. The global research firm has maintained buy call on the stock and has raised target to Rs 700 from Rs 610 per share. It is of the view that the overall trend has improved with festive season being better than expectations, according to a CNBC-TV18 report.

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The other gainers included State Bank of India, ICICI Bank and Kotak Mahindra Bank.

Share price of Yes Bank was trading in the green and was one of the most active stocks on NSE in terms of volumes with 9,34,62,996 shares being traded. The other names included IDFC First Bank (2,11,27,157) and State Bank of India where 1,95,78,139 shares were traded.

Vikas Jain, Senior Research Analyst at Reliance Securities recommends holding IDFC First Bank with target at Rs 45 per share. "We believe that its positive momentum will continue and can take the stock higher towards the next target of Rs 45 levels which could also lead to a test of its 200-week average," he said.

Shabbir Kayyumi, Head of Technical & Derivative Research at Narnolia Financial Advisors is of the view that Bank Nifty continued its dominating rally in the previous week and managed to give a strong breakout by trading above the 29,000-mark. Moreover, 10-DMA stands near 28,500, one can opt for a buy-on-dip strategy as long as these are strong support levels.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sandip Das
first published: Nov 24, 2020 11:26 am

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