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MTECHTIPS:-BANKNIFTY
The Bank nifty again dipped below the 10200 levels on profit taking and addition of new short positions. The RBI, in order to strengthen risk management mechanism, lay out tighter norms for Indian banks under Basel III international accounting standards, which did not go down well with investors as they brutally pummeled the banking shares. Any dip below the levels of 10000 will be very weak signal for the markets in coming days. The index has crucial resistance above 10400 levels, and if the Bank nifty holds above these levels, we may test levels of 10600 and above also. Overall trend in banking counters is of profit taking, any move in the bank nifty below the supports of 10000 will open up crucial supports of 9800 in the index in the short run Clients are advised to avoid longs at current levels and wait for clear trend before taking aggressive positions.
The Bank nifty again dipped below the 10200 levels on profit taking and addition of new short positions. The RBI, in order to strengthen risk management mechanism, lay out tighter norms for Indian banks under Basel III international accounting standards, which did not go down well with investors as they brutally pummeled the banking shares. Any dip below the levels of 10000 will be very weak signal for the markets in coming days. The index has crucial resistance above 10400 levels, and if the Bank nifty holds above these levels, we may test levels of 10600 and above also. Overall trend in banking counters is of profit taking, any move in the bank nifty below the supports of 10000 will open up crucial supports of 9800 in the index in the short run Clients are advised to avoid longs at current levels and wait for clear trend before taking aggressive positions.
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