Bank Nifty,Bank Nifty Live Update 00.30 AM 13th April 2015
Bank Nifty Minor Trend is Up, However Major Trend in Bank Nifty is Down.
Axis Bank has resistance at 582 Nse Cash Level (above this level Minor Trend is neutral)
Icici Bank has resistance at 328 Nse Cash level (above this level Minor Trend is neutral)
Same goes for most private sector banks they looks weak. On the other hand some PSU’s are showing positive signs versus the private sector by no means I advise long positions in them for now atleast.
Our advise remains the same reduce Banks in portfolio (Every FII,DII is long and overweight this sector especially in private sector banks) Hence we don’t expect Bank Nifty or Banking sector to outperform. In simple words reduce Banks switch to sugar. Renuka Bajaj Hind EID Parry.
There are important time cycle resistance around 15h April 2015 for Bank nifty, so we need to be very careful here. It is very much possible that Bank Nifty may have made a top for entire 2015, but its too premature to confirm that at this stage. I will give details on this later during the week. Gentle request kindly trade with strict Stop Loss especially on Long side for next 4-5 Trading days atleast.
Watch out for Bank Nifty Live Updates.
Good Trading To You!