ICICI Bank, HDFC Bank, SBI: Trading strategies for these 3 buzzing largecap banking stocks

Indian benchmark indices experienced a bout of profit booking towards the end of the session, resulting in a mixed close after reaching new highs on Wednesday. The upcoming budget and monsoon are expected to be key factors influencing the markets in the near future. The BSE Sensex gained 36.45 points to settle at 77,337.59, while the NSE’s Nifty50 index dropped 41.90 points to end at 23,516.

Some banking stocks, including State Bank of India (SBI), ICICI Bank Ltd, and HDFC Bank Ltd, are likely to attract attention from traders in today’s session. Laxmikant Shukla, Technical Research Analyst at YES Securities, shares his insights on these stocks ahead of Thursday’s trading session.

State Bank of India (SBI) is recommended as a buy with a target price of Rs 910 and a stop loss at Rs 830. SBI has shown signs of bottoming out and consolidating around the Rs 731-740 range, with potential for upward momentum indicated by the RSI on the daily chart.

ICICI Bank is also suggested as a buy with a target price of Rs 1,255 and a stop loss at Rs 1,090. The stock has broken out of consolidation with strong trading volumes and bullish sentiment supported by the RSI indicator.

HDFC Bank is advised as a buy with a target price of Rs 1,750 and a stop loss at Rs 1,600. The stock is showing signs of breaking out from a consolidation period and has breached its previous month peak, with both MACD and RSI indicators supporting the bullish momentum.

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