Anu Jain of IIFL-Private Wealth Management told CNBC-TV18, "The chart patterns of Oil and Natural Gas Corporation (ONGC) and ITC are pretty much eroded to an extent that ITC can test closer to even Rs 300-295 if this trend were to extend, if I am saying that market can has the possibility of going back to below 8,000 then these two stocks will definitely not withstand that pressure. Housing Development Finance Corporation (HDFC) on lower level possibly yes but there are much better stocks which would probably give you the opportunity, stocks which are corrected.”
She further added, “In the banking sector itself you will get probably opportunities better than HDFC, so probably a Kotak Mahindra Bank if it was to correct to say about Rs 1,316 where it is kind of corrected earlier before, also there has been some news factor for which it has been doing, so probably that looks good at those prices. May be even ICICI Bank, if it corrects back to about Rs 310-311.”
"Within the whole sectors, banking is now looking to be slightly more resilient where as the others have broken the 200 days moving average. Despite a poor ICICI and good Axis Bank result the indices is now closer to its 20 day moving average. So if I were to really look at levels than probably 100 point up where the 20 day moving average for the Bank Nifty is there is some resistance. If it gives a pullback that could probably be the strongest sector right now. We have seen Axis move up like consistently over the last two days post the result that could continue for other stocks as well. So I would be a little more hopeful on the Bank Nifty at this stage technically,” she added.
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