Bank Nifty 22nd May 2015
Bank Nifty today did not break resistance of 16849 Spot level. As per our Bank Nifty Prediction and Bank Nifty Trend Minor trend has turned up however major trend still remains down. Since minor trend has turned up we can buy on dips near support area with a small stop loss or low risk entry points. (When to Buy how much to buy etc all details to clients) Bank Nifty Futures can touch 19038 in this pullback.
Bank Nifty 22nd April 2015 – Constituents
State Bank Of India will outperform Bank Nifty in this up move, SBIN has key supports at 281 Nse cash levels mentioned and if SBIN is stable around 281 then we will look to Buy SBIN for targets of 302,310.
Axis Bank must be avoided and will underperform the Bank Nifty Axis Bank now has stiff resistance near 582-585 Nse cash levels mentioned. If you still want to take exposure to Private sector Banking then Yes Bank is a better option. (Details will be given to clients whena dnwhere to Buy Yes Bank).
Icici Bank also must be avoided and will underperform the Bank Nifty after Axis Bank Icici Bank looks the weakest in Banking space. Overall Bank Nifty will under perform Nifty. So its better to trade in Nifty Futures or Nifty Options and rather short sell Bank Nifty when Minor trend turns down again or at resistance areas.
Bank Nifty longer term view.
Our medium to longer term view is very clear this is a trading rally and a pullback in Bank Nifty Futures which will end north of 8550 Nifty spot level and extreme caution needs to be observed. As per financial astrology Bank Nifty Futures will be very volatile and suddenly provide counter trend moves when such moves come it will rattle people and stop losses will get triggered but still we advise to trade with stop loss and proper position sizing must be done. Better still is trade light and avoid heavy positions for few days till upper levels are reached.
Bank Nifty Yesterday
CNX PSU Bank index was the major loser. Public Sector banks ended with deeply in the red, as the PSU Bank index fell almost 1 percent to 3,591. Bank of Baroda and Andhra Bank fell 2 percent each at Rs. 157 and Rs. 77.55, respectively. Syndicate Bank fell 1.4 percent at Rs. 109. Allahabad Bank lost 1.2 percent at Rs. 101.
Bank Nifty live updates will be given as and when possible.
Good Trading To You!