HDFC Bank and PSBs can be crucial movers: Angel Broking

Daily Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"Markets had a tepid start for the day citing to similar cues from the global peers. Subsequently, index remained quite lackluster for the major part of the day and due to marginal slide in the latter half, the Nifty eventually ended the session with half a percent cut.

Yesterday, although benchmarks remained under pressure and closed with some losses; the real action was seen outside the index. So many individual stocks from the broader markets soared during the session. This is very much in-line with our previous article as we have been focusing more on stock specific moves. Going ahead, positional traders should keep a close track of the trading range 10480 - 10300 and as long as index oscillates within this, it would be a prudent strategy to continue with a stock centric approach.

Today, banking index somehow managed to hold our benchmarks as we saw sheer outperformance from the heavyweight counter, the HDFC Bank. Hence, going ahead, this banking giant would play a key role in deciding the near term direction for the banking index. In addition to this, the 'Nifty PSU Bank' index seems to have not completed its relief rally and hence, any decisive move from this basket remains to be an important development for next couple of days."

Source : Equity Bulls

Keywords