When something gets too much touted then lay traders often fall victim to it. The TV channels were full of Banking stocks and prospects for Bank Nifty and spoke ceaselessly about it. No wonder most lay traders queued up to go long in the index and Psu banks in particular. They got their hat handed to them as prices dropped sharply and most were left nursing wounds by end of the day. Even the Bank Nifty dropped below 56k, causing problems for those that went long with the push to new highs.

What now? Well, the main strikes in the option continues to remain at 56000 but we find some call additions and shedding of some Put shorts. So, some bulls appear to have bailed. On SBI too, there seems to have been some surrender by some bulls while in the case of Kotak the support zone did not produce the necessary move. Hdfc bank hangs on while Pnb is also in decent shape. So, in sum, light profit taking. We need to see how things shape up today before deciding anything about the trend.

Nifty remained weak and rumours of war scenario in the Ukraine-Russia front seems to have had a negative impact on the sentiment. Nothing to send it down much. So, nearing 24500-600 area we should be looking for support to emerge. Still, not much interest in buying Nifty yet.

Realty was subdued with a couple of stocks up but the fact that any rate sensitive sector will be in action till Friday event will ensure that intra day dips, if any, will get bought into. Oberoi and Prestige were the ones that showed price action yesterday even as DLF and Godrej idled. If they all remain in play can continue the focus.

Fertiliser stocks were seen in demand yesterday and so some news must be emerging. Chambal is nearing support. Deepak Fert is hit all time new highs. Can take a look at these.