Nifty Bank

“Bank” your profits!

Nifty banks has given tremendous run in recent time and has out-performed Nifty in last two expiry. Stock specific movement in banks had led this divergence. To take some names, PSU Banks gave a strong short covering on weekly charts after two years of under-performance until Budget day this February. Still many PSU Banks are showing signs of a good move next week but Nifty Bank index is approaching channel resistance near to 20100 spot level. So may be those who had longed this expiry could profits around 20050 while start fresh shorts above 20100. Options data is suggesting strong resistance as of now around 20100 levels.

3rd_Sept

Strategy for Next week: Book Longs near 20050 and Sell on rise above 20100 with Stop loss of 20250 for rest of expiry

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