Stocks to Buy: Nifty Bank likely to take leadership in April Series, this analyst says; SBI, HDFC Bank, ICICI Bank, Axis Bank - what to expect from them?

Stocks to Buy - SBI, HDFC Bank, ICICI Bank, Axis Bank – Nifty Bank today ended positively at 33,858, up by almost 1.7 per cent or 554 points. Barring HDFC Bank, all the other stocks ended in the green. The biggest gainers were the PSU Banks. Stocks like PNB, Indusind Bank, RBL Bank and Federal Bank were up by over 4 per cent.

Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that stocks like SBI, Bank of Baroda and Canara Bank all looked good on the charts.

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He said that a leadership position is expected to come back for the Bank Nifty in April Series. The AVP said that he expected the Bank Nifty to trade in the range between 35,000 and 35,500. The immediate support on it is at 33,000.

This is what Jain said about SBI, HDFC Bank, ICICI Bank and Axis Bank 

Stock to Buy – SBI – The AVP has a positive outlook on the stock and recommends a Buy on it. The immediate target price is Rs 385, while the stop loss is Rs 340. SBI stocks today ended at Rs 370.95, up by 1.8 per cent or 6.7 per cent. People with long position should continue holding their positions.

Stocks to Buy – HDFC Bank – This stock today ended at 1492.50, almost flat from the Tuesday levels.  He advises against any fresh positions in this stock. Buy on dips is recommended. The support zone is 1450. One can expect a pull back between 1520 and 1540.  

Stocks to Buy – ICICI Bank – He said this stock looks better and can be bought for a target price of Rs 620 and Rs 635. It is looking better than its private peers and has seen a reversal. Buy on dips should be the strategy.  It ended at Rs 594.75 up over 2 per cent. It has strong support at Rs 570. 

Stocks to Buy – Axis Banks – This stock has also seen a reversal, he said. It has a support around Rs 680. It ended at Rs 711.95 on Thursday, up by over 2 per cent. He puts the target price between Rs 740 and Rs 765.