Bank Nifty 26th Nov 2015
Bank Nifty Minor Trend is Neutral. Bank Nifty Major Trend is sideways. Bank Nifty Charts are currently forming a contracting triangle and the breakout point for the same is near 17200 above 17200 we can see sharp spike in Bank Nifty Futures towards 18150. So we can watch out for 17200 on Bank Nifty and 7930 on Nifty. Bank Nifty Spot levels mentioned and Nifty spot levels mentioned. Bank Nifty has major trend support around 16400 for any major pullback to happen in Bank Nifty it must hold 16400. Kotak Bank, Bank of India were seen underperforming the Bank Nifty today. Bank of India has been falling consistently and has been making fresh lows on a very regular basis. Better to totally skip / avoid such structures.
IDBI Share price today exactly started reversing from the support area given yesterday on our website we did initiate some trading longs in IDBI today. Our overall view on IDBI Share price is bullish. We see a target price of 91/93 in the short term for IDBI. Support range for the stock is at 79 Nse Cash Levels mentioned. The overall structure looks good and we feel IDBI will outperform the overall Bank Nifty and most stocks within the Bank Nifty basket.
Bank of Baroda was sideways and seen consolidating today. Overall structure for Bank of Baroda looks good and we see a good planetary support for Bank of Baroda at 165-164 if the share price does come near 165 buy with a stop loss of 163. Nse Cash levels mentioned.
Axis Banks chart continues to show weakness and we once again reiterate our view to avoid buying into Axis Bank the set up being formed is clearly indicating that Axis Bank will be leading the down cycle after final tezi cycle ends. The further problem in Axis Bank is that the trade is crowded with many Fund Managers having Axis Bank in top holding list and many PMS and have this bank in their top three holdings. Extreme caution is advised in Axis Bank. When Nifty begins it final tezi cycle exit from Axis Bank.
Icici Bank has important support at 254 Nse spot levels mentioned and once price closes below 254 or the day 254 is breached within 2 trading if price moves below 249 then Icici Bank will break below 200 also. Icici Banks structural problems will start coming out in the open once FY16Q3 numbers are declared. The top management of Icici bank will have some tough questions to reply to.
Good Trading To You!