ICICI Bank vs Axis Bank vs HDFC Bank: Which stock to buy at current juncture?

ICICI Bank vs Axis Bank vs HDFC Bank: Which stock to buy at current juncture?


ICICI Bank vs Axis Bank vs HDFC Bank: After huge 21 per cent surge in Nifty Bank index in 2022, stock market experts are expecting the rally in banking shares to continue in 2023 as well. They said that PSU banks and some private banks are going to attracts DIIs and FIIs to a larger extent as most of the Indian banks are going to benefit from the ongoing capex cycle. They said that in private bank space, Axis Bank, ICICI Bank and HDFC Bank are going to remain in focus of majority of investors. So, for a retail investor who has limited amount for investment, it becomes a tricky affair as to which banking stock one should buy at current juncture.

Speaking on which stock to buy among ICICI Bank, Axis Bank and HDFC Bank, Pravesh Gour, Senior Technical Analyst at Swastika Investmart said, “We are bullish on all three banks, as the outlook for the Indian banking sector for 2023 is still promising. Axis Bank and ICICI Bank, along with SBI, are major beneficiaries of the capex cycle in India. However, Axis Bank provides a better risk-reward opportunity in terms of valuation, as it is trading at 2.5 times its book value while ICICI Bank and HDFC Bank are trading at 3.4 and 3.64 times their book value, respectively.”

Comparing Axis Bank shares with ICICI Bank stocks, Mahesh Prakot, Research Analyst at Bonanza Portfolio said, “On monthly chart pattern, both bank stock are rising continuously with higher highs higher lows formation. Axis Bank has given a breakout of its important resistance level with big bullish candlesticks and settled just above the upper Bollinger band indicating bullish strength & trend may continue in near future. However, ICICI bank has reversed from upper Bollinger Band with Bearish Engulfing candlesticks indicating profit booking may happen in upcoming session.”

Bonanza Portfolio expert went on to add that there is negative cross over in ICICI Bank chart pattern and its RSI indicator has witnessed divergence as well. 

Axis Bank share price target

Pravesh Gour said that Axis Bank has witnessed a breakout of multi-month-long consolidation, retested its breakout level of 890, and started its new leg of rally towards the 1000+ area, with 870 as the immediate support.

Asked about Axis Bank share price target, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, “Axis Bank shares may go up to 1,050 apiece levels in short term and positional investors are advised to buy the stock on every dip till it is above 930 apiece levels.” 

ICICI Bank share price target 

“Following a breakout of the triangle formation pattern, It is entering a consolidation phase in the 850–950 range. On the downside, 840 will act as an immediate support, while 1000+ is the psychological resistance level,” said Pravesh Gour of Swastika Investmart. 

HDFC Bank share price target

Speaking on HDFC Bank share price outlook, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “HDFC Bank share price has been in consolidation for quite some time hovering between the range of 1570 and 1650 zone with currently with signs of a gradual pickup from the bottom of the range has shown improvement in the bias and can anticipate for further rise in the coming days. With the RSI also showing a trend reversal after the short slide has signaled a buy and has indicated strength as of now. With the risk reward ratio favorable and chart looking good, we recommend a positional buy in this stock for an upside target of 1850 keeping a stop loss of 1550. 

HDFC Bank vs Axis Bank vs ICICI Bank 

Asked about which stock to buy among HDFC Bank, Axis Bank and ICICI Bank, Pravesh Gour of Swastika Investmart said, “Technically, the Axis Bank and ICICI Bank shares are in a classical upward move, while the HDFC Bank counter has been sideways for a while.”

Favouring Axis Bank ahead of ICICI Bank, Mahesh Prakot of Bonanza Portfolio said, “Axis Bank shares are more attractive compared to ICICI Bank shares for long-term investment.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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