Bank Nifty 29th Jan 2016
Bank Nifty today showed signs of resuming the fall today and we have been saying that we are not bullish on this sector at all. Bank Nifty Minor Trend is down / bearish. Bank Nifty Major Trend is sideways. Bank Nifty has a critical important support at 14100-14500 and we have been saying that those who are stuck in trading or investment longs in banking stocks both public sector banking and private sector banking stocks must wait for 14100-14500 and then only average positions and then get out on whenever you see your cost price. We have been time and again saying that do not hold trading or positional longs in the Indian Banking sector as the problems in the system are huge and still lot of the problems that are yet to be reported by this sector and at this stage we do not have valuation safety either in Banking stocks.
Those who want to make money please avoid this sector and move to Renuka Sugar, Bajaj Hindustan and EID Parry. All these three stocks will give min 5 X returns over the next 23 months and we do not see such easy returns anywhere in the Indian Stock Market (means we do not see any other sector that will give this kind of returns over the next 23 months. so in a nut shell Sugar sector will be the best performing sector in the next 23 months and rather than banging your brains in Indian Banking sector just buy and hold sugar sector)
Good Trading To You!