Bank Nifty / Bank Nifty Trend / Bank Nifty Prediction / Stock Market Tips for 29th July 2015
Bank Nifty Trend Today was up. Advance decline ratio was in the favor of advances with9 stocks advancing to 3 stocks declining. Punjab National Bank, Kotak Bank, Yes Bank, Indusind Bank, Bank of Baroda, Axis Bank, Federal Bank, HDFC Bank were in the green today while Icici Bank, Canara Bank and Yes Bank were in the red today. Punjab National Bank was up by 5 percent and was the top gainer while Bank of India was down 6 percent and was the worst performer today.
Bank Nifty Minor Trend is down. Bank Nifty Major Trend is also down. On any pullback it is recommended to exit trading longs from Bank Nifty. We are expecting major volatility in Bank Nifty Futures in the next 24-48 hours. Extreme caution is advised and avoid trading directly in Bank Nifty Futures rather trade via options as it will be better to manage risk.
Bank Nifty resistance for tomorrow 29th July 2015 is at 18449 and Bank Nifty support for tomorrow 29th July 2015 is at 18157 (Bank Nifty Spot Levels mentioned)
Bank Nifty Constituents
Yesterday we had mentioned Bank of India break the major support and we had already predicted that Bank of India will now head towards 149. Today itself it was down by 6 percent and has already touched 154. Trend remains down and Bank of India is one of the weakest counters in Bank Nifty basket. Avoid bottom fishing in this one for now at least when the time comes I will update but for now leave this counter.
Axis Bank was consolidating today after breaking the support yesterday. As a rule longer the consolidation post break down more powerful is the down fall going to be. Overall Axis Bank Minor and Major Trend remain down and we see Axis Bank at least 3-5 percent lower from current market price.
Punjab National Bank Q1 profit came in at INR 721 Cr, operating profit was flat for this quarter, provisions also were higher this time.
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