NIFTYBANK - IT IS HDFC TIME?

Nifty Bank remained softer below the 38800 area and remained negative. The over the weekend results of HDFC Bank needs to be seen if it can send positive signal to this index as well as the main index. For the bulls Commodity, Energy, Metal, IT and Auto are already itching to post new ATH while FMCG, Pharma are lagging, Banking Remains in the middle. 38100-38800 remains the near term range and break of either on daily close basis is required to push further gains. The moves today will possibility dictate the overall broader trend.