Banking stocks: Buy Axis Bank, SBI & ICICI Bank shares suggests YES Securities

Indian benchmark indices settled on a flat note on Wednesday mixed cues. However, quarterly earnings of India Inc and delay in the India-US trade deal is adding to sense of caution for the investors at Dalal Street. BSE Sensex added 63.57 points, or 0.08 per cent, to settle at 82,634.48, while NSE's Nifty50 inched up 16.25 points, or 0.06 per cent, to close at 25,212.05 for the day.
 

Select buzzing banking stocks including Axis Bank, ICICI Bank and State Bank of India (SBI) are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Analyst at YES Securities has to say about these stocks ahead of Thursday trading session:
 

State Bank of India | Buy | Target Price: Rs 890 | Stop Loss: Rs 799

SBI has witnessed a strong bullish breakout, surging past a multi-month trendline with robust trading volumes, confirming the strength of the uptrend. The stock has been consistently trading above its key moving averages, including the 200-SMA, reflecting sustained bullish momentum. With technical indicators also supporting further upside, traders can consider buying SBIN in the Rs 825-830 range for a potential target of Rs 890, while maintaining a strict stop loss at Rs 799 to manage risk. The breakout, backed by volume and bullish chart structure, suggests a high probability upward move in the near term.
 

Axis Bank | Buy | Target Price: Rs 1,250 | Stop Loss: Rs 1,120

Axis Bank has corrected nearly 7 per cent from its recent peak of Rs 1,247, now trading near a crucial support zone where the 20 & 50-week SMAs have formed a bullish crossover. With technical indicators dipping into oversold territory, the stock is showing early signs of stabilization. The 14-day RSI has started ticking higher, indicating a potential revival in buying interest.  Given the attractive risk-reward setup, traders can consider entering long positions in the Rs 1,160-1,170 range. A stop loss at Rs 1,120 (near its 100 week SMA) will help limit downside risk while the stock has potential to retest its previous high of Rs 1,250. This support-based bounce play offers a favorable opportunity as the stock appears poised for a near-term rebound.
 

HDFC Bank | Buy | Target Price: Rs 2,230 | Stop Loss: Rs 1,930

HDFC Bank appears poised for a bullish breakout after a few days of consolidation phase with recent price action showing renewed upward momentum. The stock is trading comfortably above all key moving averages while the daily stochastic has given positive crossover signals strengthening bullish momentum. This technical setup suggests a potential upside towards Rs 2,200, making current levels attractive for fresh long positions. We recommend buying HDFC Bank above Rs 2,030 with a stop loss at Rs 1,930, offering investors a favorable risk-reward proposition as the stock looks set to resume its upward trajectory.