Please read this post along with my post on Nifty
for complete perspective. The supreme court comments on AGR
dues of telecom companies triggered a sell off in Banks. According to a credit suisse report, total exposure of Banks to the telecom sector is at around 1.3 lakh crores lead by SBI
) and HDFC bank
) and host of other banks. Actually the list is very long and hardly any bank is untouched by this crisis. As percentage of loan book, Debt for Yes Bank and Indusind bank are highest at 2.1 % and 2.0 % respectively. So it remains to be seen what happens next on this front. Banknifty
fell massively on Friday due to the supreme court verdict and it looks very difficult that it will bounce back ferociously on Monday. Please check my video posted on youtube under channel name Market Movers India for slightly more exhaustive and analytical content. As it is, due to corona virus outbreak institutions are worried. A very good selling area got created due to fall on Friday which is marked on 15 min chart. As for support or buying area, no such dependable level is seen on charts.
All the best. Happy trading.