Bank Nifty Breaks out. Leadership shifts to SBI, ICICI Bank and Axis from HDFC & Kotak

Bank Nifty after being a major drag since topping out in February has finally broken out of a triangle consolidation.

Bank Nifty Triangle Breakout


Bank Niifty


  • A big breakout move and then a 3 session pause.
  • Retest of the breakout done.
  • A big breakout move on Friday which takes it above recent swing highs.
  • Stoploss at low of Friday.
  • Ideally should not break Friday lows if the breakout is strong.
  • Can head up towards 36500-37500


The Big Shift of Leadership

The more interesting part is the shift in leadership from the earlier leaders – HDFC Bank & Kotak Bank

A similar shift played out in 2019 when ICICI Bank took leadership. Even though it was a consensus trade it worked really well.

We take a look at Stock/Bank Nifty to look at leadership.


ICICI Bank 2019


The first part of the recovery in 2020 saw clear leadership from HDFC Bank & Kotak Bank.

This seems to be shifting now.

HDFC Bank – Underperforming for past many months.

Hdfc bank o


Kotak Bank – Not even able to cross the recent swing highs. Can be a bounce trade but not leadership.

Kotak Bank


The New Leaders for coming months and years also possibly.

What we imply by leadership is that – Whenever the Bank nifty rallies big way going forward we will see outperformance by these leaders.


ICICI Bank – In line with bank Nifty in the 2020 rally. Now taking leadership with Ratio Chart at new highs.


ICICI Bank Leader


SBI – A leader after 10 years ?

We did see the stock leadership in February and then inline with Bank Nifty. Again taking leadership.

Also the stock has been an underperformer for 10 + years.



Axis Bank – Inline all through.

With the Suuti sale done can it catch momentum and take leadership?

Axis Bank Inline


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