Business Standard

Avoid PSU banking stocks; rupee can hit 65: Anil Manghnani

Shares of public sector undertaking (PSU) banks are under pressure, falling up to 7% on the bourses

Related News

Shares of public sector undertaking (PSU) banks are under pressure, falling up to 7% on the bourses ahead of the finance minister meeting with banking heads today. What should you do with these now?

Smartinvestor : The have lost ground yet again in trade today with the benchmark indices sliding nearly 1.5%. What are the key trends you are picking up right now?

Anil Manghnani : I think the main problem remains lack of participation of broader market. If one looks at the 2-3 day pull back in the nifty and sensex it was mailnly two stocks - ONGC and RIL.

Anil Manghnani : What was most disappointing was the bank nifty, which was the strongest in the move to 6200, barely rallied in those 3 days and did not even do a 38.2 percent retracement.

Anil Manghnani : The follow up selling in PSU banks today is a major concern..many stocks have broken their lows done last week when the nifty was sub 5600. For the Nifty, the key support is at 5735-5695 which is the .50 and .618 fib supports and also the gap area of last friday so its important we hold this range

Anil Manghnani : Also, the INR needs to hold 60-61 range, as above 61 the next level is 65

Smartinvestor : Talking about banks, stocks such as BoB, SBI, and PNB are among the worst hit among the Nifty pack. What's your advice to investors regarding the banking counters and these three stocks in particular?


Click here for the full transcript

Read more on:   
|
|
|
|
|
|
|

Read More

LIC hikes stake in Infosys in June quarter

LIC has acquired equity shares amounting to Rs 1,069 crore (4.38 million shares) in the IT heavyweight Infosys during the quarter ended June 2013.

Quick Links

 

Market News

The potential in agriculture is so huge in India and elsewhere: V Shankar

Interview with MD & CEO, Rallis India

Traders maintain bullish bets on July series expiry

Traders rolled over the long positions from the July series into the next month August series, reinforcing their bullish stance in the market. ...

Gold premiums in relative check

Imports dwindle in July on RBI gold swap deal possibility, apart from monsoon dullness and this being an off-season for demand

Venkat Chary notice to PwC on MCX audit

Chary is objecting to PwC mentioning his name as the key management personal of MCX

Oil slips to $106 on higher supply, low demand

Opec pumped more oil in July than in June despite concerns that unrest in Africa and the Middle East could hurt production

Back to Top