In next couple of days, opportunities may show up in private banks: Rohit Srivastava

economictimes.indiatimes.com:

Rohit Srivastava, Strike Money Analytics & Indiacharts, says there are two segments to look for: weakest and strongest. The two weakest sectors in the market right now are FMCG and private banks based on the data from 1st of February to now. So that comes to the forefront in terms of looking at weakness developing all over again. We have seen some short-term bounce back in individual stocks. Not really recommending anything but we have seen HDFC Bank do that. We have seen ICICI Bank go back towards the highs. We look for where the breakdowns start showing up within private banks in the next couple of days and that is where the opportunities may be.”

What is the setup looking like? Let us talk clearly about Nifty, Bank Nifty first and then we will talk about areas of the market which are interesting to you. How does the Nifty, Bank Nifty setup look right now?
Rohit Srivastava: While the Nifty may have made a new closing high, if I go to a slightly broader index like a Nifty 500 and take the highs of January-February, then we actually have not gone past that. At this point of time, possibly this will end up being a false breakout. We are not taking it as a serious break to new highs indicating that you started a fresh rally and so on.

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I think this week remains critical