In the last one month, the Nifty Bank has tumbled 24.7 per cent as compared to Nifty's 23.64 per cent fall. Here are key levels for frontline banking counters.
In general, the exposure of banks to the entire telecom sector ranges between 10% and 30% of their total equity with Yes Bank having the highest exposure of 29% amongst private banks
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Investors, however, booked profit at most banking counters with shares of SBI, Axis Bank, HDFC Bank, YES Bank, Punjab National Bank, Bank of Baroda, and The Federal Bank down up 2.7 per cent.
Here's a look at what technical charts indicate for Nifty Bank and key private banks.
Gains from the corporate tax cut last month, they believe, are likely to be offset by lower sales volume and revenue contraction in key sectors such as automobiles, energy, metals, and mining.
For Airtel, keep a stop at 356 and go long. Add to the position between 363-364. Book profits at 365.
Hot stocks to lookout for today: HCL Tech, Coal India, Hindalco
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks most prune to "high risk" emanating from Anil Dhirubhai Ambani Group (ADAG), Cox & Kings, CG Power, and DHFL
For Infosys, keep a stop at 785 and go long. Add to the position between 800-803. Book profits at 805.
The inability of the index to climb resistance levels of 31,000 and 31,350 may result in the index slipping lower towards its 100-DMA of 29,147.
Nifty Bank is well positioned above 29,800 on closing basis, the index needs to hold a range of 30,150 - 30,000 to create an intra-day base for trading
Experts advise that investors better stick to quality names with high predictability on future earnings, to minimise downside risk
A Golden Crossover occurs when the short-term average crosses/moves above the long-term moving average.
The fall of approximately 500 points on Nifty Bank ranging from 26,644 to the current intra-day levels of 26,160 along with gap down have hurt the trading psyche
The technical signals suggest that a downtrend is much more likely. The rally on the RBI news is unlikely to last long
In July, the index outperformed frontline indices by rallying 8% as against 5.8% rise in the Nifty
The expert sees the Nifty Bank to settle its weekly expiry on Thursday at around 23,300 level
The bull run continues with the Nifty hitting another new high for calendar 2017
IndusInd Bank, South Indian Bank, YES Bank, Federal Bank, BOB, SBI and ICICI Bank were up 2% to 6%.