Technically BNF (LTP: 18513) need to sustain over 18650-18714 zone for 19130-19316 zone in the near term under some bullish case scenerio (RBI Rate cut 0.25-0.50% & a dovish tone).
On the flip side, consecutive closing below 18600, BNF may slide to 18050-17550-17280 zone in the near term ( under hawkish RBI tone).
Bottom Line: Cyclical Trading Levels
| BNF-MAY | LTP | 18513 | ||||||
| SL >/< 25 POINTS | FROM SLR | |||||||
| T1 | T2 | T3 | T4 | T5 | SLR | |||
| Strong > | 18650 | 18715 | 18840 | 18985 | 19130 | 19316 | <18600 | |
| Weak < | 18600 | 18473 | 18406 | 18308 | 18211 | 18050 | >18650 |
As yesterday's FOMC minutes reveals that FED is not in a hurry to hike interest rate (0.25% max) in the near term & Fed Fund Rate is indicating probability of that around Dec'15 now, RBI may be little relieved this time, but headwinds may be actual flow of monsoon, previous rate cut transmission by banks (0.25% is over due), slow credit/deposit growth, liquidity concerns in PSU banks amid a significant amount of stressed assets in the banking system.
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