MTECHTIPS

MTECHTIPS:-
Bank Nifty:
The  Bank nifty  witnessed  a  range bound trading session  and
managed to  close with  small losses.  Traders  were seen booking
profits in banking stocks at higher levels, as the quantum of the rate
cut was not comfortable for them in the longer run. Inflationary fears
were the major reason for the  participants to book profits in longs.
Any dip below the levels of 10400 will negate the positive trend in
the index. The index has crucial resistance above 10750 levels, and if
the Bank nifty holds above these levels, we may test levels of 11000
and above also.  A positive RBI policy  has set the tone for the
banking stocks, but the focus now shifts on earnings and government
reform measures. The outlook is positive if the index holds strongly
above 10400 levels and traders can hold on to the longs with a target
of 10850-11000 in sight
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