ICICI Bank is expected to cross the level of Rs 858-859 and above which one can go long, says Shardul Kulkarni, Angel Broking.
Kulkarni told CNBC-TV18, "The Bank Nifty is in a similar range, the only thing is that the range is a little wider. If I take the futures contract for April series, which expires today or even look at into the May contract then 10100 on the lower side and on the upside 10600, that is the trading range in which the Bank Nifty is moving. So going forward if the Bank Nifty can actually manage to cross 10300 then it makes a lot of sense to go long."
He further added, "I would not go short incase of individual banks also. ICICI Bank is at a good support level at the current juncture. I would not be too pessimistic on the stock but whether to go long, that is the decision which is very crucial. On the upside the market crosses 5240, expect ICICI Bank to cross the level of Rs 858-859 above which you should be going long."
"Incase of State Bank of India (SBI) also similar levels exist. The upside is at Rs 2207 above which one should be going long. So it’s a conditional buy. The market is showing absolutely no volumes. It is hard to believe that today is an expiry day because there is absolutely zero volatility. So I would just wait out for the market, wait for the market to give an opportunity and then go long."
"From a trading perspective volatility is very important. You don’t have volatility you don’t have market participation, you should be ideally out of the market. You should not be in the market."
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Like Bank Nifty; mkt has strong support at 7700: PhillipCap