Street Signs: Bank Nifty interestingly poised, 3.4x upside in IRB, and more

Engineering and capital goods companies are likely to see revenue growth momentum, led by robust order backlog and pick-up in execution

Bank Nifty interestingly poised

The Bank Nifty Index jumped 1.8 per cent on Friday to finish at 39,306. It outperformed the Nifty, which rose 1 per cent. Analysts say a significant degree of call writing has been seen in the Bank Nifty Index between 39,500 and 40,000 levels. Should the index extend its winning streak, it may trap the call writers, leading to short covering. This could take the index to 41,500-42,000 levels, says Kunal Shah, senior technical and derivatives analyst at LKP Securities. In case of weakness in the market, the Bank Nifty Index has support at around 38,400,