Bank Nifty / Bankex Review - Buy on declines

Top 5 Private Sector Banks - Buy on declines

We have done detailed analysis of the Q3 results of private sector bank and following is the summary of our Report.

One week returns

Bank Nifty 3.25%
HDFC  4.76
ICICI 2.96
Kotak 6.03
Axis 2.16
Yes 5.28

One month returns

Bank Nifty - 19.85%
HDFC 14%
ICICI 22.44%
Kotak 16.53%
Axis 26.50%
Yes 38.39%

3 months returns

Bank Nifty - 3.02%
HDFC  4.83%
ICICI 3.64%
Kotak 3.14%
Axis -2.50%
Yes 8.25%

Six Months returns

Bank Nifty - 2.12%
HDFC  6.95%
ICICI -6.01%
Kotak 18.85%
Axis -11.88%
Yes 13.08%

Our Recommendation - With Buy and Sell ranges given below

Bank Nifty

HDFC  475 - 540
ICICI 850 - 935
Kotak 450 - 550
Axis 950 - 1260
Yes 315 - 365

Look for a correction of about 8-10% and buy the above stocks on dips.  The banking sector is likely to do well in the coming months and will support both the Nifty and Sensex to stay higher.

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Ingenious Investor
Equity Research Division

Ravina Consulting
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