BANKING NIFTY
 
  

 
 

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SHARETIPSINFO >>Research Reports > BANKING NIFTY VIEW(09-03-2009)

 

BANKING NIFTY (NSE;BANKINGNIFTY)

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List of all major banks

Axis Bank Ltd.,BANKS,AXISBANK,EQ,INE238A01026

Bank of Baroda,BANKS,BANKBARODA,EQ,INE028A01013

Bank of India,BANKS,BANKINDIA,EQ,INE084A01016

Canara Bank,BANKS,CANBK,EQ,INE476A01014

HDFC Bank Ltd.,BANKS,HDFCBANK,EQ,INE040A01018

ICICI Bank Ltd.,BANKS,ICICIBANK,EQ,INE090A01013

IDBI Bank Ltd.,BANKS,IDBI,EQ,INE008A01015

Kotak Mahindra Bank Ltd.,BANKS,KOTAKBANK,EQ,INE237A01010

Oriental Bank of Commerce,BANKS,ORIENTBANK,EQ,INE141A01014

Punjab National Bank,BANKS,PNB,EQ,INE160A01014

State Bank of India,BANKS,SBIN,EQ,INE062A01012

Union Bank of India,BANKS,UNIONBANK,EQ,INE692A01016

MARKET ANALYSIS

Shares Traded

82949333

Current Price: 3450
Current Trend: NEGATIVE (SELL) BIAS.
Taking Support At:
3250-3160.
Taking Resistance At: 3650-3730
Stop Loss: 3520
Target: 3250.
52 Week High 7990.45
52 Week Low 3338.80
All-Time High

10774.15

All-time Low

 3338.80

Turnover (Rs. lakhs)

247450.87

Technical Report

Technically Bank Nifty seems to be in profit booking phase. More profit booking is expected in BANKING NIFTY soon.

20DMA are crossing 200DMA from upper side which is giving selling signal also.

MACD is also making it a weaker index, it is at over bought stage, trend reversal is occurring and expected to follow further till the level of 3250.

MFI is also in the over sold phase which is giving selling signal. More profit booking is carried out further.

View on Two Major Banking Stocks

STATE BANK OF INDIA.
SBIN will take support at 915-885 and resistance of 970-1025. we recommend to go short(sell)  in this counter. SBIN  is in over sold phase and more profit booking yet to come. One can go short in SBIN for the  target of 850. with stoploss of 985.

ICICI BANK.
ICICI BANK will take support at 255-200 and resistance at the level of 290-345. One can go short in ICICI BANK with the  stoploss of 295 and target of  225.

 

Our recommendation is for 10 to 15 trading days.

 

 

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