Bank Nifty / Bank Nifty Trend / Bank Nifty Prediction / Stock Market Tips for 24th July 2015
Bank Nifty Trend today was down. After opening at 18797 Bank Nifty rallied towards 19091 and then started falling and made a low of 18819 and finally closed around the low point of the day at 18856. (Bank Nifty Spot Levels Mentioned) Bank Nifty Minor Trend is down. Bank Nifty Major Trend is also down. Bank Nifty Resistance for tomorrow (24th July 2015) is at 18999 and 19070. Bank Nifty Support for tomorrow (24th July 2015) is at 18710 and 18650.
Bank Nifty components
Overall Banking sector was down today. HDFC Bank, Axis Bank, Kotak Bank, Indusind Bank, were in the red today and were leading the decline in Bank Nifty. State Bank of India was seen bucking the trend and was up today. Overall NPA will get worse going forward and we do not expect any significant improvement in asset quality broadly for Baking Sector as of now.
Axis Bank has support at 579 (NSE Spot Levels Mentioned) break below 579 will take it lower towards 566.
Bank of India has final support at break below 168 will take it towards 149. This is one of the weakest Public sector banks and will be a great shorting candidate.
Canara Bank has resistance at 304 (NSE Spot Levels Mentioned) until and unless 304 is taken out avoid this counter. Some veteran investors are accumulating Public Sector Banking stocks but as of now we do not see any change in overall structure and we strongly recommend to avoid exposure to this sector for now. Kindly avoid bottom fishing in this sector for now.
PNB is also very weak and break below 137 (NSE Spot Levels Mentioned) will take it towards 121.
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