The markets posted a blistering session - powering ahead on positive global cues and buying interest in stocks across sectors. Nifty closed at 4,878 up 268 points, while the Sensex shut shop at 16,217 up 928 points, the second biggest single day point gain ever.

Technical Analyst Rajat Bose of rajatkbose.com is negative on Yes Bank, Kotak Mahindra and ICICI Bank.  

Here’s how Rajat Bose views the stocks on board:

“Definitely, an intermediate bottom is in place. The level of 4,468, which is the low recorded on March 18, looks like that is the bottom for the time being. Till we cross 5,050-5,100 range, this will be classified as a pullback rally. But from the kind of rally that we are observing today, it appears as if this rally has more fire-power than all the previous rallies starting from January 22 till date. So, I would rather be betting on the long side and have already started buying into some stocks in this rally. It looks like this rally is going to continue and some buying can definitely be done. It appears that this rally is going to continue for sometime. I would be playing on the long side, unless and until I see 4,600 gets broken,” said Rajat Bose.

On ICICI Bank, Yes Bank and Kotak Mahindra:

Possibly, stocks like Yes Bank, Kotak Mahindra and ICICI Bank are weaker banks. But, even they are showing signs of rebound. In fact, they were earlier trending and you would have used any kind of rallies to sell them but I would not advocate such kind of stance any more, at least at this point of time.

Disclosure:

It is safe to assume that my clients and I may have an interest in the stocks/sectors discussed.