29 june banknifty intraday outlook

29 june banknifty intraday outlook
Banknifty future on 28 June 2016 closed at 17549 with gain. This was second positive session for banknifty future. State-owned Bank of Maharashtra said it has raised Rs 500 cr. by issuing bonds that are compliant with global capital adequacy norms.
 
Today banknifty future hit high of 17629 while low was at 17455. Total almost 200 points intraday range and another positive closing.
 
The Reserve Bank of India today released its Financial Stability Report (FSR) June 2016, a biannual publication. Gross NPAs rise to 7.6%. Stressing on need to continue with sound domestic policies and reforms, RBI Governor Raghuram Rajan today said banks’ asset quality stress has to be dealt.
 
For tomorrow, banknifty future above 17400 remain buy and accumulate. On upside 17630 and 17900 are intraday resistances as well as target zones. Banknifty 17400 call options will see strong short covering ahead of expiry. Moody’s Investors Service says that the Indian government’s proposal to consolidate the country’s public sector banks (PSBs) creates risks.

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Pramod Baviskar

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