Banking Stocks facing pressure.
On the reverse repo rate cut, banks are parking closer to 7-8 Trillion INR (as per the public domain) to RBI to attract the interest of 3.5-3.75%. So where is the lending happening?
No one really knows.
Indian operators can hold the markets but not for very long.
RBI is done with its charades of repo & reverse rate cut.
The stimulus package isn't helping either.
This week will be stressful for the banking & Nbfc stocks.
HDFC Bank is around a support area.
Crossing that we can see 750 levels.
Look for a breakdown for going short.
No one really knows.
Indian operators can hold the markets but not for very long.
RBI is done with its charades of repo & reverse rate cut.
The stimulus package isn't helping either.
This week will be stressful for the banking & Nbfc stocks.
HDFC Bank is around a support area.
Crossing that we can see 750 levels.
Look for a breakdown for going short.
Note
Chart Update - Stock opened gap up and took support on our trend line.We will only look for a short once it is around 800 levels.
On the Macro level stock is still below 200 EMA & our heat zone is working.
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