After shedding near 2 per cent last week, the BSE Sensex and NSE Nifty finally managed to close higher on Monday. According to experts, volatility in the market is expected to continue till Covid-19 fear exists in the domestic market. However, they advised stock specific trade strategy and suggested investors to look at banking stocks as the sectors looks in oversold condition. They said that banks with strong corporate business outlook can showcase 3-5 per cent upside movement in short-term and advised SBI, ICICI Bank and Axis Bank shares that one can think of buying when the market opens on Tuesday.
Speaking on which share to buy today Avinash Gorakshkar, Head of research at Profitmart Securities said, “Banking stocks are in oversold condition and there can be some upside move visible in some banking stocks. One can think of buying State Bank of India (SBI), ICICI Bank and Axis Bank shares when the market opens today. These banking stocks have strong fundamentals and in immediate short-term they can showcase 3-5 per cent upside movement.”
Standing in sync with Avinash Gorakshkar’s views; Ravi Singhal, Vice-Chairman, GCL Securities Limited said, “SBI, ICICI Bank and Axis Bank have strong corporate business outlook and they are expected to improve fast on the NPA front. So, these three banking stocks are expected to show sharp upside move in short-term.”
Giving important levels for the stock investors in regard to SBI stocks Ravi Singhal of GCL securities said, “One can buy SBI shares at current market price for short-term targets of ₹375, ₹400 and ₹425 maintaining stop loss at ₹310.”
For Axis Bank shares, Singhal suggested investors to buy at current market price for targets of ₹725 and ₹770. He advised investors to keep accumulating Axis Bank stocks till it is above ₹620. Singhal also advised investors to strictly maintain the stop loss at ₹620 while taking buy position in Axis Bank shares.
For stock market investors interested in ICICI Bank shares, Singhal advised them to buy ICICI bank stocks for the short-term target of ₹770.