Following weak Asian cues and concerns about the Delta variant coronavirus, Indian stocks are trading cautiously. At the time this copy was written, the Sensex has fallen 140.64 points, or 0.27%, to 52594.95. The Nifty lost 51.30 points, or 0.32%, to 15763.40.Bank Nifty lost over half of its value as pressure on private banks pushed it down. The shares of ICICI Bank, Kotak Mahindra Bank, and Bandhan Bank lost over a percentage each, while HDFC Bank RBL Bank and State Bank of India were among the other losers.According to ICICI Direct's report, Nifty has experienced time-wise consolidation. It oscillated between 15900-15600 for the past five week, indicating higher base formation in the 15600 zone.Bank Nifty movements since the last year"We don't expect the Nifty will breach its strong demand area of 15600-15500. It stated that a temporary respite should be used as an opportunity to buy quality largecaps and midcaps."Bank Nifty closed nearly flat on June 28, as it remained largely range-bound. While largecap banks experienced selling pressure at higher levels, PSU banks saw healthy buying. The brokerage firm said that 35500 Call option saw significant OI increase, which should be a resistance."Live blog: Catch all the action in the marketIt stated that the index would trade with a positive bias in the future and move towards 36,200 levels over the coming weeks. This is because it is the confluence between the 80 percent retracement and price parity of the entire past three months corrective fall and the price parity of the previous up movement as projected from the recent low of 32115 signals upward towards 36200 levels.Kotak Mahindra Bank shares are among the most traded stocks on NSE. 71,14 427 shares were traded while 33,98 4,420 shares were traded by HDFC Bank. PNB traded 8,07,865,559 shares, followed by Bank of Baroda (4.02,46.934) and YES Bank (3.88,14.718).: Investment tips and opinions expressed by Moneycontrol.com investment experts are his and not those of the website management. Moneycontrol.com recommends that users consult certified experts before making any investment decisions.
