Mumbai, April 20 (IANS). Investors will focus on the Banking Index Nifty Bank on Monday after HDFC Bank and ICICI Bank introduced strong results in the fourth quarter of FY 25. This information was given by the analyst.
The analyst says that due to strong results from banks, positive action can be seen in the sessions coming in the stock market.
There is a rapid trend in banking shares. In the last trading session, the Nifty Bank rose 2.2 per cent to close at 54,290.20, which is its 52 -week high of 54,467.35 to 177 points. At the same time, in the last one week, the Nifty Bank has seen a rise of 3,287 points or 6.45 percent.
The reason for the rally in banking shares is to increase in HDFC Bank and ICICI Bank, which shows that the trust of investors remains on this sector.
In the fourth quarter of FY 25, HDFC Bank’s standalone profit increased by 6.7 percent to Rs 17,616 crore on an annual basis. Profit has increased by 5.3 percent on a quarterly basis.
ICICI Bank, the country’s second largest private bank, has also introduced good results. In the fourth quarter of FY 25, the bank’s profit has increased by 18 percent to Rs 12,630 crore on an annual basis.
Apart from this, Yes Bank’s performance in the January-March quarter has also been strong. The bank’s profit has increased by 63.7 percent to Rs 738.12 crore on an annual basis.
According to market experts, Bank Nifty has created a strong bullish candle on the daily chart, with a high level of 54,407.20, which is just 60 points away from its all -time high level. In the last seven trading sessions, the index has gained a strong 10.68 percent gain, which is a gain of over 5,250 points from its recent swing.
Choice Broking said, “Close close to 54,290 with continuous unilateral rapid and strong volume indicates aggressive purchase. Any decline towards 53,600 or 53,000 should be used as a purchase opportunity.”
The broking firm said that if the bank Nifty is closed above 54,300, it can go to 55,000 and 56,000 levels in the coming sessions.
-IANS
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