Bank Nifty Fut (BNF) retraces quite a lot from the top on the back of dismal results (specially NPA related) of some of its components (like ICICI Bank, PNB etc) and some how, hawkish stance of the RBI yesterday (although SLR Cut may release around 42K Cr fund in the banking system for lending, which is a good support). Going forward, RBI will watch forthcoming budget documents for fiscal consolidation, inflation figure and future Govt.step to contain food inflation etc. Clearly, if all is okay, we may see another 0.25 bps cut after budget in March (yet another out of policy cut before April ??). Overall, market is expecting a total rate cut of around 0.75-100 bps within March'2016.
Looking at the chart, BNF (CMP:19500) has good positional support at around 19280 zone.
Short term target should be around 21000-21650 (after budget ?) area and mid term target should be 22300 zone.
On the downside, sustain below 19280 zone, may again invite 18300 area.
For Intraday, 19350 zone may also give some support today.
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