HDFC Bank vs Axis Bank: Which bank stock should you buy for long-term?

HDFC Bank vs Axis Bank: Leading private lenders HDFC Bank and Axis Bank received bullish-to-neutral ratings from domestic brokerage firms after declaring their January-March quarter results for fiscal 2023-24 (Q4FY24). According to BSE data, HDFC Bank currently commands the top spot as India’s largest banking major by market cap, followed by Axis Bank at the third rank.

The Nifty Bank index settled 0.31 per cent higher at 50,002 on Friday, June 14 after the benchmark Nifty 50 index touched a record high of 23,481 level in the last 30 minutes of today’s trading session. Sensex and Nifty 50 ended Friday’s session in green despite a flat and sluggish opening, following buying interest in market heavyweights HDFC Bank, among others.

The 30-share BSE Sensex ended higher by 181.87 points or 0.24 per cent at 76,992.77 level while the Nifty 50 closed at 23,465.60 level, up 66.70 points or 0.29 per cent. On a weekly basis, the Nifty advanced 175.45 points or 0.75 per cent. The frontline indices were driven by auto and consumer durable sectors. 

“The Bank Nifty continued its consolidation phase and was unable to surpass the 50,000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50,200 mark to confirm an upside breakout towards the 51,000 level. The lower-end support is placed at the 49,500-49,400 zone, and a break below this will open gates for further downside towards 49,000,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

HDFC Bank vs Axis Bank: Share Price Trend

On Friday, shares of HDFC Bank opened at 1,582.05 and gained around two per cent to hit an intra day high of 1599.70, before settling 1.05 per cent higher at 1,597.45 apiece on the BSE.

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Published: 14 Jun 2024, 07:53 PM IST

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