Zee Business Managing Editor Anil Singhvi had picked Yes Bank as his stock of the day in yesterday’s session. He said that investors should buy Yes Bank with stop loss of Rs 12 and target of Rs 15 - Rs 16. Investors can buy on dips and hold for the long term on news of Yes Bank being included in MSCI Index, which is positive for it. We also highlight here another top banking stock  - the State Bank of India (SBI). Notably, NSE Nifty closed 58 points down today at 12691 while BSE Sensex closed 236 points down at 43357.

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Nifty View:

Today, Anil Singhvi highlighted that the Support Zone for Nifty is around 12625-12650, below that 12475-12550 is a strong buy zone while 12775-12800 is day’s higher zone, above that 12875-12925 is the profit Booking zone.

Bank Nifty View:

Anil Singhvi said for new positions, traders should buy Bank Nifty in the range of 28050-28200 with stop loss of 27900 and target of 28500, 28600 and 28800. Aggressive traders can buy in the 28500-28600 range with a stop loss of 28400 and target of 28800, 28950, 29025, 29175, 29275, 29550. Traders should Sell BankNifty in range of 29275-29550 with a stop loss of 29600 and target of 29200, 29050, 28950, 28850.

Sumeet Bagadia, Executive Director, Research at Choice Broking shares his view on 2 banking stocks, State Bank of India (SBI - from PSU Banking Space) and Yes Bank (from Private Banking Space).

SBI Share price:

On the daily chart, the stock has been consolidating above the Ichimoku Cloud formation with positive crossover between base line & conversion line. Moreover, price has sustained above 200 days Simple Moving Average, which indicates a bullish trend for the long term. Furthermore, an indicator Stochastic RSI & MACD also showed positive crossover, which suggests bullish strength in the counter. So based on the above technical structure, Sumeet expects a bullish move in SBI for near term. Sumeet suggests buying SBI around Rs 228 with stop loss of Rs 217 and target of Rs 245 / 253.

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Yes Bank Share price:

On a daily chart pattern, Yes Bank has been trading in a Range Bound movement between the range of 11 to 17 since the last many days which suggests a sideways movement only until and unless we get either side breakout. Sumeet says a weekly momentum indicator RSI reading is at 37 level and has been trending in a sideward move since the last many days which points out a lack of momentum in the counter. Based on the above technical structure, the stock may play its game between the range of 11 to 17 only until either side break takes place.