Smartinvestor : Markets seems to have taken a breather today ahead of the RBI policy meet on Tue. What is your take on Nifty AUG futures for the week ahead?
Navneet Daga : Well the set up is not strong currently, we believe selling the rise towards 5950-6000 range is making sense to us, 6100 levels on upside had developed into significant resistance zone in markets.
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Navneet Daga : Nifty is headed towards below 5800 levels in august
Smartinvestor : Most of the banking stocks are trading at multi-year lows. What is your view on the banking space? What are the key levels one should keep a tab on for the Bank Nifty?
Navneet Daga : Bank nifty had broken is major key support zone of 10850 levels, its moving in direction on below 10000 levels in august series, any pullbacks should be used to get in shorting mode in banks, particularly PSU banking space. Short term traders should sell bank nifty with SL of 10800 on upside.
Smartinvestor : Do you see a heavy build-up of short positions in the banking space ahead of the RBI’s policy review tomorrow? Can you highlight specific stocks, especially from the PSU basket, where you are picking up some interesting trends?