A close below 4,050 in the Nifty PSU Bank index would likely attract profit booking in the near term, says Ravi Nathani, an independent technical analyst.
Shares of IDFC First Bank, IndusInd Bank, Bandhan Bank, and Axis Bank may surge up to 15 per cent, show technical charts.
If the index manages to surpass 22,480 and 22,650, it could indicate a bullish breakout.
By maintaining a strict stop-loss limit and implementing a sell-on-rise approach, investors can navigate present market trends with ease and mitigate potential losses, said the technical analyst
Given the current market conditions, the best trading strategy for traders would be to buy the Nifty IT Index near the support levels and sell it near the resistance levels, said the technical analyst
According to Ravi Nathani, an independent technical analyst, the Nifty Private Bank index can also be sold at current levels, with 21,250 seen as a crucial support for the index.
The technical analyst recommends to employ 'sell-on-rise' strategy for Nifty Private Bank, Nifty Consumption indices in the near-term
The Nifty Pvt Bank index can rally to 20,425 and 20,775 in the short-term.
According to the technical analyst, traders can employ 'buy-on-dips' strategy for Nifty Private Bank, Nifty PSU Bank, and Nifty Financial Services indices
According to technical analyst, the Nifty Private Bank index exhibits a bullish trend in the near term, but traders must exercise caution and wait for decisive breakout before taking any new position
According to the technical analyst, since Nifty Private Bank trades in a bearish trend, with moving averages, MACD, and RSI trending downwards, this, therefore, signals a negative market sentiment
According to the technical analyst, the Nifty 50 is expected to get strong support in the range of 17,925 to 18,000.
According to the technical analyst, the Nifty Private Bank, PSU Bank and Financial Services indices may extend the pullback in the near term.
Rs 47,000 crore raise by private banks in two months may be just adequate to meet the provisioning costs
The Reserve Bank of India (RBI) is set to meet for the three-day monetary policy meeting between August 4 and 6. Analysts expect the MPC to face dilemma of firmed up inflation and flattering growth
Among large banks, the brokerage sees ICICI Bank's PAT declining 49 per cent QoQ to Rs 2,100 crore in Q4FY20, followed by a 68 per cent sequential decline in Axis Bank's PAT at Rs 564.6 crore.
Analysts at Kotak Institutional Equities expect banks to report healthy earnings due to the Reserve Bank of India's loan moratorium
Stating that asset quality will deteriorate, Moody's said a sharp decline in economic activity and a rise in unemployment will lead to a deterioration of household and corporate finances.
The quarter gone by saw mixed results in terms of asset quality. Among key private players, only ICICI Bank and Axis Bank reported a fall in gross non-performing assets on a YoY basis
Nifty Bank index hit high of 28,488 today, surpasses its previous high of 28,389 recorded on August 28, 2018 in intra-day deal.