NIFTYBANK: "Old Leader, New Escort"

Two events one inference always makes interesting ends. The Old twins, now the HDFC Bank leads the fall tanking more than 4%. Being the heavy weight pushes the broader market sentiment to the negative. PSU banks all the pack held the fort, but unable to eke out any gains in the broader assault. In the end profit taking hits. The FII and DII numbers and the cues from global markets, post the FOMC clearly pushes the bulls on the back foot. Another news where Escorts group will enter the NBFC markets, one has to wait and see how this is going to impact. One more time failure of NIFTY BANK that we lost 45800 without a fight is huge set back. Back to larger range of 45000-46000. Ability of the large cap banks to shift the needle today remains in doubt. Next week is another story all together. Closed at crucial important level, but cues remain suspicious. If seen in the open around 45100 is a buy for move to flat, but the broader strokes remain very cautious and down. Prefer 45100-45800 range, with bias to buy the dips than to sell here. Action in small PSU banks would give cues, the profit taking mode of the bulls before consolidation and ascent starts. For now, take some bets off and wait for clarity looks apt.