The technical analyst from HDFC Securities also recommends to remain long on the Nifty and BankNifty with a stop at 17,325 and 36,525, respectively.
The Bank Nifty index gained 2.22 per cent ahead of a press briefing by the finance minister
It is up 15% since the start of CY21 against 19% in Nifty50; this despite banks' record Q1 profit
HDFC Bank, IndusInd Bank and AU Small Finance Bank to see highest inflows due to increase in weightage; SBI, ICICI Bank and Kotak Mahindra Bank may see highest outflows
The Nifty Private Bank index is up just 6 per cent year-to-date in the calendar year 2021, against nearly 13 per cent rally in the Bank Nifty and a 15 per cent rise in the benchmark Nifty50
It would be very important for the banking index to surpass the 36,000 mark to push the benchmark to new highs
The elephant in Indian banking has already become nimble-footed. Its new boss, Dinesh Khara, needs to choreograph the steps for its dance
This is on account of a change in weighting of its components
The market needs to see follow-up buying to break above crucial resistance levels
The Nifty index gained as much as 9 per cent after the Budget and the Bank Nifty rallied 20 per cent, before giving up the bulk of the gains last week
Bank Nifty rollovers, too, were higher than the previous 3-month average. However, open interest was marginally lower
Catch-up rally in banking stocks on better-than-expected Q2; analysts expect the momentum to sustain
Impact of rising bad loans may become discernible only in the second half of FY21. This may hurt asset quality and earnings growth, particularly of small and medium-sized banks
Short term trend has turned negative as Bank Nifty has closed below its 5 and 20-day SMA
Several brokers cautioned investors and some halted trading in Bank Nifty contracts - the second-most traded index derivatives - citing irrational gap between 'buy' and 'sell' quotations.
A sharp surge in share prices during the last week of May helped the markets improve their returns scorecard for the month. The benchmark Sensex and Nifty ended with losses of 3.8% and 2.8%
For IndusInd Bank keep a stop at 330 and go long
The fall in banking stocks has a huge bearing on the overall markets as the sector has the highest weighting in the benchmark indices
After the markets opened 5% gap-down, the Nifty hit the lower circuit of 10% within five minutes. This led to the halting of trade for 45 minutes
For Hero MotoCorp, keep a stop at Rs 2,265 and go short