Future of Banking Sector in 2023 :-
Future of banking sector in 2023 has huge potential to grow. This article can change your 2023 in stock market. If you wants to buy stocks in banking sector, you must read this article. This article will tell you why you should choose banking sector in 2023 as well as it will also suggest you 4 stocks that you can buy in 2023 to get more profit in banking sector. For better understanding of banking sector, we have already published best sector in 2023.
First we will see, why you need to choose banking sector in 2023? Banking sector has the bright future in 2023. Let’s see the momentum indicator i.e. RSI in banking sector.
Thumb rule of RSI :-
(1) Above 60 strong uptrend, (2) Below 40 Downtrend, (3) Between 60-40 choppy or sideways.
Strategy:
At first we will check the monthly chart of Infra sector and then check weekly and daily chart. This strategy is call top bottom approach.
in monthly chart we can see the RSI is above 60, so the sector is good to invest in long term.
In weekly chart we can see the RSI is above 60. So it is also good to invest in medium term.
In daily chart we can see, The RSI is below 60 but as per strategy it will follow the same upward trend.
So according to grandfather-father-son rule, the son or daily chart will have the highest probability of going upward. That is reason to choose banking sector in 2023.
Best 4 Stocks to buy in banking sector:
Now I will discuss the best 4 stocks to buy in banking sector. Here I will suggest the stock name and why you should buy this stock in 2023?
1. Axis Bank:
First stock is Axis Bank. Axis bank has huge growth potential in 2023. Here we will see the reasons for that we should buy axis bank.
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If we follow the monthly chart of Axis bank we can see the RSI is above 60. So it is in bullish signal means it is good to invest in long term. Monthly chart of Axis bank also indicates the Bollinger band quiz break out. We can also see it takes the support at 891.35 which is all time high.
In weekly chart, we can see the RSI is above 60 so that it is in bullish signal.
As per rule, the daily chart will also follow the RSI above 60.
These are the reasons, you must consider axis bank as your first choice.
2. Bank of Baroda:
Second stock I will suggest is Bank of Baroda. BOB has huge potential in 2023 to grow upward. Let’s analyze the monthly chart.
If we follow the monthly chart of BOB we can see the RSI is above 60. So it is in bullish signal means it is good to invest in long term. Monthly chart of Axis bank also indicates the Bollinger band quiz break out.
In weekly chart, it takes support at 168.32 and the RSI is above 60, so it is in bullish signal.
As per rule, the daily chart will also follow the RSI above 60.
These are the reasons we can buy BOB in banking sector in 2023.
3. Federal Stock:
Federal stock is a special stock in 2023. In monthly chart it clearly shows that it is a cup stock. Let’s see the reasons for which we can buy Federal Bank stocks.
- In monthly chart, it become all time high and takes support at 127.19
- The momentum indicator is above 60, we can see it is 73.05. So it is strong bullish signal and good at long term investment.
Let’s understand the calculation:
As per monthly chart, the high = 142.2, low = 120.9, the depth of the cup = high – low = resistance – support = 127.19 – 43.54 = 83.65
Target = high + depth = 142.2 + 83.65 = 225.85
Buying price = above high = 142.2 + .2 = 142.40
Let’s understand the quantities you need to buy,-
For example, I have 1000000 Rs. to invest in market, I have a risk of loosing amount is = 100000. Stop loss = 10
So risk = 1000000/10 = 10000
So, the quantities = risk / buying price = 10000/142.40 = 70 ( approximate )
4. PNB
The last stock, I wanna suggest you is PNB. Let’s see why PNB in 2023?
As per monthly chart, we can see
- The momentum indicator or RSI is above 60
- We can see the volume and it indicates breakout with high volume. It takes support at 47.54
We have set 3 targets for PNB. First it follows target 1 that is 100.73. If it takes support at 100.73. We can make more profit using the profit value which we have already gained from market. Next it will move to Target 2 and it could move to target 3 also. So we can more profit without getting loss. These are the reasons we should buy PNB in banking sector in 2023.
Conclusion:
As per RSI rule, we understand the future of banking sector in 2023. We understand what stocks we need to buy in banking sector. And the main thing why you need to buy. You can check right now to get better analysis on banking sector in 2023. You can also read the future of stock market in 2023 for getting better understanding on retracement level in stock market. If you a value investor and wants to learn about banking sector, then must check banking sector and value investing by Investopedia. You can also check banking sector stocks by grow to understand what are the other stocks in banking sector that you can buy.
Q&A:-
Q-(1) What is the future of banking industry?
ANS- Banking is looking good for long-term not for short or medium term.
Q-(2) Under Which sector will be banking is fall?
ANS- Service Sector.
Q-(3) Which bank share will grow in future?
ANS- Axis Bank, State Bank OF India, HDFC Bank, ICIC Bank.
Q-(4) Is Cryptocurrency the future of banking?
ANS- Different people has different opinion but I don’t believe on Crypto.
Q-(5) What will replace banks in the future?
ANS- Fintech Start Up.
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