Interest rate sensitive stocks, especially the banking pack, got a good drubbing on Tuesday after the Reserve Bank of India (RBI) kept rates steady. Check out the F&O strategies for banking, pharma and other frontline stocks.
Smartinvestor : It has been yet another listless opening for the markets today. How long will this continue and what are the key Nifty levels that you are keeping a tab on?
Shshank Mehta : We believe there is still some pain left before we can call it a day. Nifty Futures is currently under pressure and will come into bearish territory below 5630 levels. We advise traders having a bullish view on the market to exit all long positions and re-enter only above 5680 levels.
The nervous sentiment is also indicated by the fall in Open Interest to 1.80 cr units indicating longs unsinding their positions post the rate cut in Tuesday's RBI policy meet inline with expectations.
Smartinvestor : How should one play the rate sensitives now, especially the banking pack?
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