These 2 Private Sector Banks Hit New 52-Week High As Nifty Bank Surpasses 29000 Levels

While the benchmark Indian indices on mixed global markets are trading with a negative bias on Sensex, down 0.24 percent or 100 points, Bank Nifty during early trade at day's high surpassed 29000 points, but later pared gains to trade lower by close to 0.6 percent.

And with gains on the Bank Nifty, which hit 8-month high in today's session, HDFC Bank and Kotak Mahindra Bank hit their respective new 52-week high. At the time of writing this piece, only Kotak Mahindra Bank and Axis Bank were up in trade, while IndusInd led the list of losers dragging the Nifty Bank index by as much as 1 percent. Other Banks that were in the red include HDFC Bank, ICICI Bank, SBI and Bandhan Bank.

Infact IndusInd Bank share price fell by 10% to day's low of Rs. 752.5 shares apiece on the BSE. Mazhar Mohammad of Chartviewindia.in suggested that technical weakness in the counter should not materialize unless it closes below Rs. 783 levels.

Nifty Financial Services also was up by 0.26% led by gains by HDFC, Kotak Mahindra Bank, HDFC Life, Axis Bank, Bajaj Holdings.

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