ICICI Bank, HDFC Bank, Axis Bank: Trading Strategies for these buzzing banking stocks

Domestic equity markets kicked off the week on a strong note. The outcome of five state elections pushed the benchmark indices to fresh highs. The BSE Sensex jumped 1,383.93 points, or 2.05 per cent, to end at 68,865.12. The NSE Nifty rose about 418.90 points, or 2.07 per cent, to end the day at 20,686.80.

A few stocks ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd are likely to remain in focus today. Here is what Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher has to say on these stocks ahead of Tuesday's trading session:

ICICI Bank | Buy | Target Price: Rs 1,050-1,075 | Stop Loss: Rs 955
ICICI Bank formed a strong bullish candle on the daily chart with a huge gap up opening, moving past the significant 50 EMA level of Rs 938. A decisive move above the Rs 1,010 level may trigger a clear breakout where one can anticipate further rise in coming days for next target of Rs 1,050-1,075 levels. The near term support can be maintained at Rs 955.

HDFC Bank | Hold | Target Price: Rs 1,670-1,690 | Stop Loss: Rs 1,550
HDFC Bank has steadily moved ahead to gain momentum. With a positive candle formation pattern on the daily chart, it has improved the bias, moving past the 50 EMA and 200-period moving averages, hinting at further rise in coming days. The near-term target expected is at Rs 1,670-1,690 levels. One can maintain support at around Rs 1,550 level.

Axis Bank | Buy | Target Price: Rs 1,170-1,190 | Stop Loss: Rs 1,055
Axis Bank has already indicated a strong breakout above the Rs 1,045-1,055 zone and has carried on with the positive move. It has the next near target at Rs 1,170-1,190 levels in coming days. From the prevailing level, the support should be maintained at Rs 1,055 level, below which the bias can turn a little bit weak.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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