#3 BankNIfty Update: 10600 achieved! now a speed breaker at 10948
On 2cd October we mentioned to go long on banknifty with first tgt of 10600 which has been achieved comfortably last week. Many ups-down but index is moving in perfect upside channel. Fundamentally, results of HDFCBANK, IndusInd and Axis Bank has been announced and they were at par with street estimation. Markets had rallied a dream run yesterday but i dont think it would lead to a life time high next week. We expect banknifty to resist near to 10948 which could be even touched on Intraday level. Inflation is concern for us but currently it wouldnt have any negative affect on index or markets. SBIN is still to deliver results and i personally feel that NPA with all PSU bank is expected to increase.
Our Strategy: Our next tgt 11200 is activated but we recommend to book 30% profit at 10950 and buy back at correction upto 10400. If it closes above 10950 than hold upto 11200.