Consider all banks as short term trades: Devangshu Datta

Benchmark shares indices have hit their highest level in almost three weeks tracking gains in Asia with financial shares leading the gains on the back of higher GDP growth forecast for the last two quarters of the current fiscal and the proposed capital infusion in public sector banks.

Banking shares are higher in the range of 2-3% on the National Stock Exchange (NSE) on value buying. ICICI Bank, Axis Bank, Punjab National Bank and Kotak Mahindra Bank are up by nearly 3% each, while State Bank of India (SBI), Bank of India, Canara Bank, Union Bank of India and IndusInd Bank are up 2% each on the NSE.

Devangshu Datta, technical analyst and market expert speaking to Surabhi Roy says Bank Nifty can go till 10750 if it crosses resistance at 10575-10600.

SmartInvestor: Markets have edged higher in trades today with the Nifty index trading above the 6,100 levels. What is your advice to traders for the benchmark index for the rest of the trading session? What levels are to be watched out?

Devangshu Datta: Resistances are at roughly 50-pt intervals. If you are long, stop loss the Nifty at 6100 and add to the position if it crosses 6150.

Devangshu Datta: Most likely, there will be a lot of last hour volatility when the index could either surge or see a sell off.

SmartInvestor: Bank Nifty has gained over 2%, most since Dec 9, 2013. What is your view on this space? Would you like to suggest any stocks from this space from medium- term perspective?

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