Looking at the chart, BNF (LTP: 18341) has to break & sustain over 18400 zone for an immediate target of 18580-18645 area. Consecutive closing above 18645, BNF may target 18790-18870-19030 & 19130-19481 zone in the near term (bullish case scenario).
On the downside, failure to sustain over 18400, BNF may retrace immediately to 18250-18100-17885 zone. Consecutive closing below 17885, it may further fall to 17750-17625 area in the next few days. In the near term, only sustain below 17625, BNF might crash to 17335-17236-17100 zone in the bear case scenario (Greece default etc).
Bottom Line: Technical Trading Level (Positional)
| BNF-JUNE | LTP | 18341 | ||||||
| SD/SL=+/- | 25 POINTS | FROM SLR | ||||||
| T1 | T2 | T3 | T4 | T5 | SLR | |||
| Strong > | 18425 | 18515-580* | 18645-790 | 18870-976 | 19030-130* | 19275-481 | <18375 | |
| Weak < | 18375 | 18312-250* | 18200-100 | 17998-885 | 17814-750* | 17675-625 | >18425 |
Bank scrips (BNF) were top performers for the last few days, specially yesterday backed by good monsoon news, which fulled another RBI rate cut hopes.There was also news of possibility of using idle gold deposits at banks for CRR to release much needed liquidity, although RBI is reluctant.
Global market along with our broader market were also in orbit for "Greece Deal Hope Rally". As par latest reports, yesterday's EU/Greece meeting failed to achieve any concrete deal & may meet again officially on this Thursday amid on going various "unofficial" meetings/news flow.
This is really a catch22 situations for both Greece & EU. But there is 80% probability that some deal will be sealed before June-30, deadline of IMF installment. The whole drama may also be proved as another "Buy the rumour & Sell the news" and we may not break the over all recent market range, either globally or locally.
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