Bank Nifty to remain rangebound: Tulsian

Bank Nifty to remain rangebound, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “If one sees the midcap PSU banking stocks, I think they have run up quite well ahead of this policy and that’s the reason, in fact we have been seeing profit booking in all the stocks, whether you talk of Allahabad Bank, Andhra Bank, UCO Bank, in fact the kind of corrections which we have being seeing is more of profit booking.”
He further added, “I don’t think that anyone is really taking chance to go long in these stocks at the current level, but going forward it will be again the Bank Nifty probably may have an upside of about 100-150 points from hereon because the typical behavior of the Bank Nifty for the whole of this series has been moving in a range of 10000-10800. The moment it used to fall close to about 10000 or 10050 or so, we used to see fresh buying interest. I don’t think that now that situation will really be there. Now the trend or the range could get shrunk to about 10200-10600 because now you don’t have any positive cues expected from the regulator from hereon.”