As the Indian equity market opened cautiously on Monday, June 30, 2026, with major indices showing a muted performance amidst renewed geopolitical concerns, select banking stocks are drawing significant attention from traders. Jigar S Patel, Senior Technical Research Analyst at Anand Rathi Share and Stock Brokers Ltd, has offered key technical perspectives on YES Bank, ICICI Bank, and Kotak Mahindra Bank ahead of Tuesday's trading session.
Kotak Mahindra Bank: Caution Advised
Kotak Mahindra Bank has recently exhibited a 'double-top' pattern in the Rs 413–415 range, a technical formation that often signals a potential reversal in the prevailing trend. This is further compounded by a negative divergence in the Relative Strength Index (RSI), indicating a weakening of bullish momentum despite the stock testing previous highs.
This combination suggests an increased likelihood of a short-term pullback, potentially towards the Rs 390–385 support zone. Traders are advised to exercise caution at higher levels until a definitive breakout above Rs 415 is observed. Immediate support for Kotak Mahindra Bank is identified at Rs 385, with resistance at Rs 415.
ICICI Bank: Potential for Profit Booking
Following a rapid ascent from Rs 1,225 to Rs 1,400, ICICI Bank has formed a 'shooting star' candlestick pattern near its Rs 1,400–1,405 resistance area. This pattern typically signals exhaustion in an uptrend, suggesting that buying pressure might be waning and increasing the probability of short-term consolidation or profit booking.
Investors might consider booking partial profits at elevated levels. The stock's immediate support is placed at Rs 1,375, while Rs 1,405 remains a critical resistance point. Sustaining above Rs 1,375 is crucial for maintaining the broader bullish trend, though a decisive move above Rs 1,405 would be required to revive stronger bullish momentum.
YES Bank: Buy on Dips Strategy
YES Bank Ltd has demonstrated a significant positive shift in its trend, marked by a weekly breakout above the Rs 24.30 level. Currently trading around Rs 25.28, the stock is holding firm above this breakout zone. Both daily and weekly RSI indicators are above 50, reflecting robust bullish momentum and growing buying interest.
The technical structure for YES Bank remains constructive as long as the stock maintains its position above Rs 24. A 'buy-on-dips' strategy is recommended, particularly near the Rs 24.5–24 range, rather than chasing prices at higher valuations. Immediate support for YES Bank is at Rs 24, with resistance observed near Rs 25.78.