Exit from Vijaya Bank , says Anu Jain, Sr. Vice President, IIFL Private Wealth Management.
Jain told CNBC-TV18, "Bank Nifty is more combination of ICICI Bank and State Bank of India (SBI), so even there I would say the trend is definitely down, if I could give a percentage call its probably 80-20, 80 of going down. So where its closed at 8300 we have bounced back from those levels, so I would say support still is about at 7700 and you are in resistance zone as of now because all your moving averages are between 8250-8500, so you can pull up to 8560-8570 even may till expiry but beyond that it would be essentially very difficult."
She further added, "I would say probably again its making lower bottoms, lower tops. If you draw a strong trend line just form the tops and the bottoms you are getting first target at about 7500 and if that were to break, you are going to be in a lot of problem because that would be a fresh breakdown, which could again be very sharp. So I would say that higher levels its better to get out of banks to probably even short. The midcaps are looking very poor, so whether it's a Vijaya, or all of them. So the whole pack is looking extremely weak probably people will loose the opportunity for a bounce back to get out of these counters."
