MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a range bound trading session and managed to close with small losses. Traders were seen booking profits in banking stocks at higher levels, as the quantum of the rate cut was not comfortable for them in the longer run. Inflationary fears were the major reason for the participants to book profits in longs.
Any dip below the levels of 10400 will negate the positive trend in the index. The index has crucial resistance above 10750 levels, and if the Bank nifty holds above these levels, we may test levels of 11000and above also. A positive RBI policy has set the tone for the banking stocks, but the focus now shifts on earnings and government reform measures. The outlook is positive if the index holds strongly above 10400 levels and traders can hold on to the longs with a target of 10850-11000 in sight.
The Bank nifty witnessed a range bound trading session and managed to close with small losses. Traders were seen booking profits in banking stocks at higher levels, as the quantum of the rate cut was not comfortable for them in the longer run. Inflationary fears were the major reason for the participants to book profits in longs.
Any dip below the levels of 10400 will negate the positive trend in the index. The index has crucial resistance above 10750 levels, and if the Bank nifty holds above these levels, we may test levels of 11000and above also. A positive RBI policy has set the tone for the banking stocks, but the focus now shifts on earnings and government reform measures. The outlook is positive if the index holds strongly above 10400 levels and traders can hold on to the longs with a target of 10850-11000 in sight.
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