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Market setup: Bank Nifty in focus today as ICICI Bank, HDFC Bank expected to lend support

videos | Apr 26, 2022 8:47 AM IST

Market setup: Bank Nifty in focus today as ICICI Bank, HDFC Bank expected to lend support

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The Nifty on Monday defended last Tuesday’s close as well as low by just about 40-50 points. It has given a sacrosanct number to work with, 16,824 – the level it defended.

Indian equity benchmarks suffered sharp losses on Monday, extending losses to a second straight session, tracking weakness across global markets amid concerns about aggressive monetary policy action by central banks to curb worsening inflation. However, gains in heavyweights such as ICICI Bank and the HDFC twins lent some support.

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However, the Nifty on Monday defended last Tuesday’s close as well as low by just about 40-50 points. It has given a sacrosanct number to work with, 16,824 – the level it defended.
The key today is going to be the Bank Nifty – which showed strength yesterday. There is some follow-through that needs to be seen - some kind of exhaustion visible in HDFC twins while ICICI Bank did not respond to its numbers as expected – but will it today?
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FII selling still remains the overarching theme. In the futures market, the FIIs have added 3 shorts for every long yesterday and the congestion zone that the Nifty will face now – 17,050 to 17,150 – for a significant short covering market needs to go above 17,150 and trade there for an hour or so. Till that happens, this market will be vulnerable to be sold into because market’s overall texture is still ‘sell on rally’.
Watch the accompanying video of CNBC-TV18's Anuj Singhal for more details.
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