Bank Nifty poised for hat-trick, Anil Singhvi says; banking shares outperformance to continue

Banking shares are likely to lead the way, causing Nifty Bank to reach the 23000 mark - the way is now opening up, Zee Business Managing Editor Anil Singhvi opines. The Managing Editor said that the index will likely see a good momentum today for the remaining trading session.

While the journey of next 1000 points will not likely be a run-away phenomenon, there was no doubt that these levels will be reached soon, Singhvi said.

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बैंक निफ्टी मारेगा हैट्रिक...अनिल सिंघवी ने कहा- आज भी जारी रहेगा बैंकिंग शेयरों का जलवा, लेकिन क्लोजिंग का लेवल ज्यादा अहम, बोले- 23000 के पास थोड़ी रुकावट की संभावना#EditorsTake #Nifty #BankNifty #NSE #BSE #Sensex @AnilSinghvi_ pic.twitter.com/SC3YCXNNND

— Zee Business (@ZeeBusiness) July 8, 2020

Today the Bank Nifty was trading at 22,852.70, up by over 224 points or almost 1 per cent from the previous close on Tuesday.

The Market Guru said that there is no hindrance between upward mark 22500 and 23500 levels and the way towards the top is opening up now.   

Singhvi further said that the index will see a hat-trick of upsides in market and there was no doubt in that happening. In the current market situation, what matters is where the market levels will stop, he said.

The best closing has been at 22,263 on 23 June, the Market Guru said. It will be a great confidence booster if the Nifty Bank closes 300-350 points above this level. This provides a strong cushion to the index. This is also changing the leadership position as Nifty Bank takes the lead. Among the bank stocks, the ICICI Bank has gained today. It also has a board meeting today for raising money.

Singhvi said that if stocks of banks like HDFC Bank and ICICI Bank keep providing leadership to the index as it sees a heightened momentum, there is no reason not to believe that there will not be a hattrick of highs.

He however cautioned that there could be some resistance at 23000.

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The Market Guru further said that there could be some profit booking towards the middle of today’s session. But, there will be a lot of action before that.