Bank Nifty 11th Nov 2015
Bank Nifty outperformed the Nifty 50 today but it was also in the red today. Bank Nifty made a high of 17047 and low of 16805 today (10th Nov 2015) finally Bank Nifty closed the day at the lower end of today’s range at 16803. Bank Nifty has a critical support at 16431 below which Bank Nifty’s medium term Major Trend moves down. Bank Nifty Spot Levels Mentioned. We expect Bank Nifty to slowly and steadily move towards a target of 19532 over the next few trading days but it is important to keep in mind we do not expect any significant outperformance from Bank Nifty for the time being.
Bank Nifty Minor Trend is Oversold. Bank Nifty Major Trend is down / bearish. Bank Nifty support and resistance for tomorrow is at 16638 and 17029.
Public Sector Banking / Private Sector Banking.
State Bank of India Share Price has a resistance around 250 NSE Cash / Spot Levels Mentioned. If 250 is taken out before 21st Nov 2015 then only expect State Bank to outperform Nifty 50. Since our view is that Nifty will move higher from here towards 8600 hence we will look at the buying opportunities for HNI’s / Institutional guys. HDFC Bank has good support 1044 NSE Cash / Spot Levels Mentioned. As per our analysis we should see good outperformance from the Bank in the short term.
Axis Bank and Icici Bank charts don’t look good from longer term time frame. Axis bank share price forecast / target is that we will see significantly lower levels over medium to longer term. The charts are indicating some serious problems with the Bank. Icici Bank Share price and Charts are also indicating a very similar story to that of Axis Bank. Icici Bank Share Price Forecast / Target is 200-190. Longer term it just does not look good. To our PAS clients we have suggested skipping this sector totally and taking exposure to sugar stocks.
Good Trading To You!