On 29-10-2024, South Indian Bank‘s share price experienced a minor decline of -0.04%, reflecting the broader trends in the stock market. The stock opened at ₹24.19, reached a high of ₹24.19, dipped to a low of ₹23.57, and ultimately closed at ₹23.85. In contrast, the Bombay Stock Exchange’s Sensex was trading at ₹79,720.15, down by -0.36%, indicating a challenging trading day for many investors.
| Table of Contents |
|---|
| Share Price Analysis |
| Additional Insights |
| Comparison with Peers |
| Conclusion |
| FAQ |
Share Price Analysis
The current share price of South Indian Bank stands at ₹23.85, marking a -0.04% dip from the previous closing. An analysis of the 5-day Simple Moving Average (SMA) shows a figure of ₹23.71, with support at this level. The resistance is indicated at various SMA levels including ₹24.33, ₹24.88, and ₹25.81. Meanwhile, the key support levels are located at ₹22.85, ₹21.92, and ₹21.37, which could serve as potential safety nets for investors.
Additional Insights
On this trading day, the volume of shares traded on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) was reported to be -29.67% lower than the previous session. This decline in trading volume may indicate a lack of investor confidence or market interest. Delving into the company’s fundamentals, South Indian Bank has a Return on Equity (ROE) of 13.81%, a Return on Assets (ROA) of 0.95%, a Price-to-Earnings (P/E) ratio of 4.71, and a Price-to-Book (P/B) ratio of 0.66.
The median 1-year forecasted upside stands at 42.56% with an estimated target price of ₹34.00. However, it is noteworthy that the promoter holding in the bank is currently at 0.00%, while mutual fund (MF) holding is at 2.75%, and Foreign Institutional Investor (FII) holding is at 11.47%.
Comparison with Peers
In terms of performance against its peers, South Indian Bank’s stock trends contrasted with other bank stocks on the market. For instance, banks like Ujjivan Small Finance Bank, CSB Bank, and DCB Bank were recording declines, while Karnataka Bank saw a modest increase of 1.02%. This volatility reflects broader trends in the sector, as evidenced by the benchmark indices—Nifty and Sensex—trending downward by -0.35% and -0.36% respectively. Such broader market behavior can impact individual bank stocks, including South Indian Bank.
Conclusion
The performance of South Indian Bank on 29-10-2024 indicates continued volatility in its share price amidst market fluctuations. The share price, currently at ₹23.85, remains under pressure but shows potential upside based on the forecast. Its resistance and support levels will be critical indicators for investors moving forward. When compared to its peers, South Indian Bank mirrors a mixed trend, which illustrates the challenges faced within the banking sector during this trading period.
FAQ
Q1: What is South Indian Bank’s current share price?
A1: As of 29-10-2024, the share price is ₹23.85.
Q2: What are the key resistance levels for South Indian Bank?
A2: The key resistance levels are ₹24.33, ₹24.88, and ₹25.81.
Q3: How does South Indian Bank’s P/E ratio compare to industry norms?
A3: The bank’s P/E ratio is 4.71, which is relatively low compared to industry standards, suggesting it may be undervalued.
