Private banks poised for a rally? Experts bullish on these banking heavyweights

Experts are bullish on large private banks citing healthy Q1 numbers, value buying by institutional investors, and a recovery in market sentiment supported by declining crude prices and a stronger rupee. As of 8 July 2026, the Nifty Private Bank index has declined just 4 percent year-to-date, outperforming the Nifty Bank at minus 5 percent and the Nifty 50 at minus 9 percent, with Bandhan Bank up 34 percent, Federal Bank up 22 percent, IndusInd Bank up 15 percent, and RBL Bank up 14 percent leading the gains. HDFC Bank, ICICI Bank, IndusInd Bank, and Axis Bank are highlighted as top picks by brokerages, while technical analysts point to the Nifty Private Bank index building a fresh uptrend above its key moving averages with a resistance at the 29,000 level.