SBI, IndusInd Bank: Are bank stocks a good bet in the current market?

Till Nifty Bank defends the support range of 20,800 to 20,600 level, the rebound may see aggressive buying momentum.

Bank stocks tumbled in Monday's trade after Financial Crimes Enforcement Network (FinCEN) leaks said almost all Indian banks could be part of the suspicious transactions. Between 2010 and 2017, several transactions went through Indian banks that were flagged as top-secret ‘Suspicious Activity Reports’ or SARs by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for suspected money laundering, terror financing, drug dealing, and financial fraud. READ MORE

Following the development, Nifty Bank declined over 3.3 per cent to settle at 21,290 levels on Monday. On Tuesday, the index was trading flat with a negative bias. 

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