It is not a stock as such but the whole Bank nifty. One can see how Banking Stocks are at ATHs. Following are the charts of the same. Some are near their highs, while some are creating new highs every week.
AXIS BANK
It broke out of a the channel and is now retesting the previous level. One can see the bounceback from 20EMA which confirms sustenance.
HDFC BANK
After the news of merger, it made a temporary high but got sold into really quickly. Now it has gained back the momentum. It may take a while to cross the upper resistance but eventually it will ride the 50EMA to new highs.
KOTAK BANK
Same is the case with Kotak. It has been consolidating for long. It broke out last year but did not sustain since volumes were very low. A breakout with decent volumes can sustain the breakout.
SBI BANK
Don’t know how long will the rally continue in Public Banks. This stock has already risen a lot so mentioning it only for reference purposes.
Did not mention ICICI because it has already run up a lot and will obviously gain if Bank nifty moves higher.
| Subscribe To Our Free Newsletter |
