There is more legroom for the bank index to notch higher if the sector heavyweight HDFC Bank Ltd. and other private peers breakout to new highs, market analysts said.
THe NSE Nifty Bank Index can scale closer to 52,800 and there is room to hit the 53,000 mark, Aditya Agarwala, head of research and investments at Invest4edu, told NDTV Profit.
"HDFC Bank is yet to breakout to an all-time high territory, and when it does, you can see an extended rally.
The Nifty 50 will tag along the bank index, even as on its own, the benchmark may face hurdles at 23,800-24,000 level, he said, adding the market is currently seeing a sector-specific rally.
ICICI Bank Ltd. looks to be the best pick in the space on a relative fundamental valuation basis, said Dharmesh Kant, head of equity research at Chola Securites Pvt.
There is more legroom for the bank index to notch higher if the sector heavyweight HDFC Bank Ltd. and other private peers breakout to new highs, market analysts said.
THe NSE Nifty Bank Index can scale closer to 52,800 and there is room to hit the 53,000 mark, Aditya Agarwala, head of research and investments at Invest4edu, told NDTV Profit. "HDFC Bank is yet to breakout to an all-time high territory, and when it does, you can see an extended rally. Axis Bank Ltd. also looks strong on the chart."
While state-run banks haven't participated in the rally yet, banking and NBFCs are in a good spot and there is room on the upside, he said.
The Nifty 50 will tag along the bank index, even as on its own, the benchmark may face hurdles at 23,800-24,000 level, he said, adding the market is currently seeing a sector-specific rally.
ICICI Bank Ltd. looks to be the best pick in the space on a relative fundamental valuation basis, said Dharmesh Kant, head of equity research at Chola Securites Pvt.
