Bank Nifty dips from record high. Experts recommend these eight stocks to buy today
Nifty Bank index today opened at 45,493.70 and went on to hit an intraday low of 45,310.05 and an intraday high of 45,745.15. At 1.40 pm, Bank Nifty was 624.60 points or 1.36% down at 45360.65. The Bank Nifty Index, launched in 2000, contains twelve banking stocks that trade on the National Stock Exchange (NSE).
Falling for the second day running, the 30-share BSE Sensex tumbled 611.48 points to 66,985.36. The Nifty declined 164.4 points to 19,968.90. Among the Sensex firms, HDFC Bank fell the most and quoted over 3 per cent lower.
Reliance Industries, Bharti Airtel, Maruti, Titan, and Hindustan Unilever were the other major laggards. According to stock market experts, today's fall can be attributed to factors such as increasing US bond yields, rupee weakness, a surge in crude oil prices, and selling by foreign institutional investors (FIIs). “Today, both Nifty and Sensex experienced profit booking, largely attributed to a sharp sell-off in HDFC Bank following its analyst meeting," said Parth Nyati, Founder at Tradingo.
From a technical perspective, Nifty and Sensex have identifiable immediate support levels at 19,900 and 66,900, respectively. If these levels are breached, we may witness additional profit booking, potentially leading towards 19,640 for Nifty and 66,000 for Sensex, added Parth Nyati. As we can see a strong break out in the PSU bank index as well as commercial banks So our top picks are 1)SBI for TGT 670 2)Axis Bank 1240 3)PNB 99 4)BOB 270 5)Indusind bank 1640 BOB, Canara Bank, DCB Bank, and Karnataka Bank have robust fundamental strengths, and a prevalent characteristic among the majority of these banks is a consistent enhancement in their annual profit figures, particularly in the preceding fiscal years.
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