A difficult day for Banks post PNB Fraud News and New NPA norms led market to bleed red. Post market we have seen SUN PHARMA has posted bad numbers which will directly impact the opening for the day. Sector specific REALTY was outperforming the key benchmark index. However PSU BANKS and all other index were the laggards in the market. Technically on daily time frame key benchmark index Nifty has formed bullish engulfing candlestick pattern which act as a reversal we may see the previous bottom testing. Strong resistance placed at 10580 and resistance would be placed at 10400. Volatility may prevails in to the market.
Post PNB Fraud case and NPA norms with bad numbers accompanied by BOI. Banks have seen pressure for the entire day PSU Banks were down by more than 4% whereas PVT Banks was down by 1%. Overall it was a nightmare for banking stocks. Technically Bank nifty underperforming the key benchmark index. Hovering around 25300 mark. Mismatch trade setup between PSU and private Bank may leads to indecisiveness. Secular uptrend is still intact on a higher time frame. Range for the bank nifty would be 25000 on a lower side and 26000 on a higher side.
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