The rally was mostly due to positive global cues that saw the US markets close firm on Monday on hope of an economic recovery after a successful early-stage trial of a coronavirus vaccine
Of 30 constituents, 20 declined and 10 advanced. Mahindra & Mahindra ended as the top loser on the index while telecom major Bharti Airtel was the biggest gainer
Sectorally, IT stocks took the biggest knock as the Nifty IT index declined 3.5 per cent to 13,293.70 levels. Nifty Bank lost 566 points or nearly 3 per cent to 19,068.50 levels
Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635
Premium growth and persistency ratio could be impacted in the near term, but overall performance may be ahead of other BFSI players
In the last one month, the Nifty Bank has tumbled 24.7 per cent as compared to Nifty's 23.64 per cent fall. Here are key levels for frontline banking counters.
In general, the exposure of banks to the entire telecom sector ranges between 10% and 30% of their total equity with Yes Bank having the highest exposure of 29% amongst private banks
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Investors, however, booked profit at most banking counters with shares of SBI, Axis Bank, HDFC Bank, YES Bank, Punjab National Bank, Bank of Baroda, and The Federal Bank down up 2.7 per cent.
Here's a look at what technical charts indicate for Nifty Bank and key private banks.
Gains from the corporate tax cut last month, they believe, are likely to be offset by lower sales volume and revenue contraction in key sectors such as automobiles, energy, metals, and mining.
For Airtel, keep a stop at 356 and go long. Add to the position between 363-364. Book profits at 365.
Hot stocks to lookout for today: HCL Tech, Coal India, Hindalco
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks most prune to "high risk" emanating from Anil Dhirubhai Ambani Group (ADAG), Cox & Kings, CG Power, and DHFL
For Infosys, keep a stop at 785 and go long. Add to the position between 800-803. Book profits at 805.
The inability of the index to climb resistance levels of 31,000 and 31,350 may result in the index slipping lower towards its 100-DMA of 29,147.
Nifty Bank is well positioned above 29,800 on closing basis, the index needs to hold a range of 30,150 - 30,000 to create an intra-day base for trading
Experts advise that investors better stick to quality names with high predictability on future earnings, to minimise downside risk
A Golden Crossover occurs when the short-term average crosses/moves above the long-term moving average.
The fall of approximately 500 points on Nifty Bank ranging from 26,644 to the current intra-day levels of 26,160 along with gap down have hurt the trading psyche