Bank Nifty / Bankex Review - Buy on declines

Top 5 Private Sector Banks - Buy on declines

We have done detailed analysis of the Q3 results of private sector bank and following is the summary of our Report.

One week returns

Bank Nifty 3.25%
HDFC  4.76
ICICI 2.96
Kotak 6.03
Axis 2.16
Yes 5.28

One month returns

Bank Nifty - 19.85%
HDFC 14%
ICICI 22.44%
Kotak 16.53%
Axis 26.50%
Yes 38.39%

3 months returns

Bank Nifty - 3.02%
HDFC  4.83%
ICICI 3.64%
Kotak 3.14%
Axis -2.50%
Yes 8.25%

Six Months returns

Bank Nifty - 2.12%
HDFC  6.95%
ICICI -6.01%
Kotak 18.85%
Axis -11.88%
Yes 13.08%

Our Recommendation - With Buy and Sell ranges given below

Bank Nifty

HDFC  475 - 540
ICICI 850 - 935
Kotak 450 - 550
Axis 950 - 1260
Yes 315 - 365

Look for a correction of about 8-10% and buy the above stocks on dips.  The banking sector is likely to do well in the coming months and will support both the Nifty and Sensex to stay higher.

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Axis Bank - Buy on declines

Axis Bank's loan book grew a robust 45% compared with an industry average of 21% between 2006 and 2011 due to its strong branch network. A strong loan book along with healthy fee income have boosted profit at a CAGR of almost 50% in 2007-11. Non-performing assets have been more or less stable for Axis. At the current P/E multiple of 12, the stock is reasonably valued.

The scrip has given negative returns in the near term

Time Span	Price	Change	%Change
Today	999.85	-21.80	-2.13
Week	1,072.75	-51.10	-4.76
Month	1,300.10	-278.45	-21.41
Three Months	1,218.95	-197.30	-16.18
Six Months	1,230.70	-209.05	-16.98
One Year	1,364.00	-342.35	-25.09

The banking sector is likely to under perform in the next 2 quarters and the prices are likely to dip further till December 2011. Investors can buy the scrip around Rs.800 levels and hold for 2-3 years for a decent return on investment.

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Axis Bank - Buy

Axis Bank, formerly UTI Bank, is India's third largest private-sector bank after the significantly larger ICICI Bank and HDFC Bank. It is engaged in large & mid corporate banking, retail banking, SME banking, agri-business banking, international banking, treasury etc. It has the largest EDC (Electronic Data Capturing) network, the third largest ATM network and the fourth largest base of debit cards in India.

As of December 31, 2010 it had a very wide network of more than 1,281 branches including 169 service branches and over 5,303 ATMs. With a customer base of over 150 lakh (15 million), it also has overseas branches at Singapore, Hong Kong and Dubai and representative offices at Shanghai and Dubai.

Since its inception, Axis Bank has been jointly promoted by UTI-I, LIC, GIC and four other PSU insurance companies, that is, National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.

Promoters hold 37.35 per cent stake in Axis Bank as on December 31, 2010 out of which UTI-I holds 23.72 per cent stake, LIC 9.58 per cent, and GIC 1.87 per cent.

Axis Bank's strength:

• It is India's third largest private bank, with 1,281 branches and 5,303 ATMs, and a customer base of over 150 lakh as on Dec 31, 2010
• It has the largest EDC network, the third largest ATM network, and the fourth largest base of debit cards in India.
• It already has branches in Singapore, Hong Kong and Dubai International Financial Centre. About 14 per cent of the bank's asset book is from international operations. It is further going to set up a subsidiary in London and upgrade its representative office in Shanghai to a branch.
• 100 per cent core banking facilities with advanced technology
• On-line trading facilities in alliance with Geojit BNP Paribas

The economy is expected to grow roughly by 5-7 per cent in the next five years. The banking sector is poised to grow in line with the growth of the economy. Considering its large size and its strengths, we can expect this economic growth to have a positive impact on Axis Bank's growth.

Axis Bank - our Review

Axis Bank

CMP Rs 1,235

As in the previous quarters, Axis Bank has reported good growth in Q4 of 2010-11, thereby boosting the overall performance. While its total income for 2010-11 has grown by 30%, its net profit has grown by 35%. However, like many other financial services companies, Axis Bank too came under margin pressure in the fourth quarter due to high inflation and rising interest rates.

Its net interest margin (NIM) in Q4 reduced by 37 basis points, compared with that in Q3. Consequently, the stock price fell from Rs 1,448 on April 21 (the day it declared its Q4 results) to Rs 1,235, a crash of 15%. But is this fall in NIM a serious threat to bring down the valuation of Axis Bank substantially?

Most analysts feel that the magnitude of this crash in such a short period is totally unwarranted and the market has over-reacted to this negative factor. "An increase in base rate by 75 basis points on May 5 should support its NIM and, in the future, NIM should stabilise at 3.25-3.5%," says Murali Gopal, banking analyst at Brics Securities.

Analysts also point out that the market has ignored the other positive aspects of Q4 like increase in loan growth (up by 37%), improvement in gross and net NPA ratio (from 1.09% and 0.29% in Q3 to 1.01% and 0.26%, respectively). This means a quality stock like Axis Bank is a good investment at the current valuations. However, keep in mind that the near-term headwinds remain (interest rates are expected to move up in coming months) and, therefore, invest in it only in a systematic manner.

Our Recommendation :

Axis bank gave the following returns to the investors -

Time Span Price Change %Change
Today 1,310.70 21.70 1.68
Week 1,272.55 16.45 1.29
Month 1,275.30 13.70 1.07
3 Months 1,409.05 -120.05 -8.51
6 Months 1,349.50 -60.50 -4.48
One Year 1,229.55 59.45 4.83

Buy axis bank on declines and hold for period of 9 months for a target price of 1450-1500

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Buy Axis Bank

We believe Axis Bank’s planned equity dilution of about 17% is a precursor to marketshare gains at a faster growth rate of 8-10 percentage points above the industry over the next few years, strongly positioning the bank for the imminent revival in GDP growth from early FY2011E onwards. This dilution will result in book value accretion of about Rs 94 per share (25% increase over pre-dilution estimates), with a reasonable post-dilution leverage of 12x, average RoEs of about 16% over FY2010-11E and EPS dilution of about 7.5% in FY2011E. Amongst factors that drive competitive advantage, steady branch expansion, comprehensive product range and channel presence are driving consistent CASA marketshare gains (increased fourfold since FY2003). Moreover, diverse fee income streams, including cash management, syndication, bond underwriting, wealth management and cards, apart from the traditional CEB and Fx income, contribute a meaningful 2% of average assets. At the CMP, the stock is trading at attractive valuations of 2.0x FY2011E ABV (post-dilution). Post-dilution valuations imply an almost 30% discount to HDFC Bank, despite similar return ratios over FY2010-11E. We maintain a Buy on the stock with a 12-month Target Price of Rs 1,106.

Buy Axis Bank

7 steady-rise stocks to buy

Axis Bank

On 6 July 2009, the day the Budget was presented, BSE Bankex Index lost 10 per cent, the highest fall witnessed among all sectoral indices. The concerns were related to rising government borrowings, which could push up the overall interest rate in the economy.

When that happens, yield on government securities and bonds rises and their value falls. As a result, banks that are invested in these securities will see a drop in their portfolio value and will be forced to register losses to the extent of the drop in the portfolio's value, which is also called marking-to-market (MTM).

The MTM loss, however, will depend on how dynamically a bank manages its investment portfolio. In case of Axis Bank, around 57 per cent of the investment portfolio is government securities, which is not marked-to-market. Therefore, the MTM loss will be restricted, as it will be applicable only on the remaining portion of the portfolio.

Also, income from investments is not used alone to judge a bank's earning potential. A bank's performance should be judged by growth in its core income.

By this measure, Axis Bank qualifies as a strong candidate for a BUY. It has performed consistently with low volatility in quarterly earnings and profit growth, ranking just below HDFC Bank.

In FY09, its net profit grew sharply at 69.50 per cent y-o-y due to high growth in core incomes -- net interest income (NII) and fee income. Increase in NII was due to expansion of its asset size or loan portfolio. Despite a growth in its asset size, the quality was maintained: the percentage of gross non-performing asset (NPA) at the end of FY09 was 0.35 per cent as compared to 0.36 per cent in FY08.

One of the bank's strengths is mobilising low-cost deposits (current account and saving bank account, or CASA). This helped the bank keep cost of funds low even as it had to pay a higher interest rate on term deposits in the second half of FY09.

Axis Bank repeated the performance of FY09 in the first quarter (Q1) of FY10: y-o-y net profit growth is up again by 70 per cent. The dynamics that worked in Q1FY10 are the same as the ones in FY09. With this kind of growth rate, Axis Bank is an attractive buy at a trailing 12 month (TTM) PE of 15.69.

Source Outlook Money

Axis Bank - Buy

Investors with one-two year horizon can consider buying the Axis Bank stock as it is attractively valued. At the current market price of Rs 330, the stock trades at just 1.2 times its December book value of Rs 279 and at a PEM of 7.5. Axis Bank fell on the back of growing concerns over its asset quality due to high exposure to cyclical sectors, slowdown in lending activity and higher vulnerability due to lower provision coverage. However, asset quality concerns appear overdone as the non-performing assets formed only 0.9 per cent of advances in December. Most of the corporate advances are investment-rated and the bank is adequately capitalised (13.8 per cent) to shelter from the credit risk. Steady fee income (43 per cent) and low-cost deposits (38 per cent) and strong advances growth (45 per cent CAGR for last five years) are the arguments in favour of the bank. Axis Bank has been consciously reducing the proportion of retail advances in its loan book (down to 20.7 per cent). Axis Bank’s net profit for the nine months ended December 2008 grew by 74 per cent. While a fall in the proportion of low-cost deposits reduced net interest margins (3.36 per cent), exceptional growth in fee income (up 75 per cent), helped manage higher operating profit growth. Going forward, the bank’s cost of funds may decline as rates fall, but the pressure on NIM may continue due to lower lending activity and lower-yielding investments. Fee income from debt syndication may continue to flow in as more companies float debt issues. Though overall net profit growth may not be as high as it was in the preceding quarters, the stock’s valuation seems to capture lower expectations. - M. V. S. SANTOSH KUMAR businessline 15-03-09

Investment Strategy Now : Our View : The prices have run up in the last week too fast and with this speed it can touch Rs.450. One should not invest at this high price but should start buying around 350 levels for a decent gain over a 6 months period.

Market Voices 13-03-09

Today the Indian market witnessed one of the strongest session in recent months. Largecap stocks gained in strength though midcap and smallcap stocks were muted in their gains. Sensex is up 5.3% and Nifty is up 4%. BSE Midcap index was up 0.8%, BSE Smallcap index was up 2.5% over the week. BSE Metals index up 6.7%, BSE Auto index up 6.5%, and BSE Oil & Gas index was up 6.2%.  

It was a cheerful day for the Indian market that closed on a highly positive note. Sensex shut shop at 8756, up 413 points and Nifty at 2719, up 102 points from the previous close. CNX Midcap index was up 2.9% and BSE Smallcap index was up 1.9%. The market breadth was positive with advances at 890 against declines of 202 on the NSE. Top Nifty gainers included DLF, Tata Power and Tata Motors while losers included BPCL, ABB and NTPC.  

Hold long position in RIL, says Rajat Bose, technical analyst, on CNBC TV18. But do not buy at current levels because it is trading near its resistance level of Rs 1320, he adds. The stock is at Rs 1282.35, UP 6.7% on the BSE.  

Hold NTPC with long-term view, says Gaurang Shah of Geojit Financials, on Zee Business. Buy more at Rs 165, he adds. The stock is at Rs 170.20, down 2% on the BSE.  »

Hold Nagarjuna Construction for 12 months, says Sailesh Kanani of Angel Broking on CNBC Awaaz. It will give returns of 80-100%, he adds. The stock is currently trading at Rs 40.50, up 4.1% on the BSE.  

The Indian economy is close to bottoming out and it could turn around by Q4 this year, says Sam Mahtani of F&C Investments on CNBC TV18. He expects the second half of the year to be positive backed by the steep decrease in interest rates and aggressive monetary policy actions that was taken over in the past couple of months.  

Stay invested in Axis Bank, says VK Sharma of Anagram Stock Broking on CNBC TV18. It is one of those stocks in the private sector which has done pretty well, he adds. The stock is currently trading at Rs 330.55, up 8.6% on the BSE. 

Hold long positions in Nifty for target of 2780 and stop loss of 2660, says E Mathew, technical analyst, on CNBC TV18.  

It was a stellar day for the Indian market thanks to excellent global cues. Sensex closed at 8789, up 445 points (provisional) and Nifty at 2725, up 108 points (provisional) from the previous close. CNX Midcap index was up 3.1% and BSE Smallcap index was up 1.9%. The market breadth was positive with advances at 870 against declines of 315 on the NSE. This is the largest point and percentage gain for Nifty since December 10, 2008, says NDTV Profit.  

Buy Sesa Goa on dips, says Ashwani Gujral, technical analyst, on CNBC TV18. It has support at Rs 65 and resistance at Rs 105, he adds. The stock is at Rs 80, up 5.5% on the BSE.  

Go long on Cairn India at Rs 170 with target of Rs 175, says Vijay Bhambwani, technical analyst, on CNBC TV18. Keep stop loss of Rs 167, he adds. The stock is currently trading at Rs 169.70, up 3.95% on the BSE.  

Buy DLF when it goes above Rs 150 with target of Rs 162, 180 and 211, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 140, he adds. The stock is currently trading at 153, up 11.8% on the BSE.  

Hold Videocon Industries, says Rajesh Jain of SMC Global Securities on Zee Business. It has resistance at Rs 140-150, he adds. The stock is currently trading at Rs 84.50, up 1.8% on the BSE.  

The Indian market is trading firm with the Nifty above the 2700 mark. Commodity stocks are showing strength. The Asian markets closed on a high. Sensex is trading at 8716, up 372 points and Nifty is at 2709, up 92 points from the previous close. CNX Midcap index is up 2.7% and BSE Smallcap index is up 1.8%. The market breadth is positive with advances at 887 against declines of 300 on the NSE.  

Buy DLF on dips, says Sudarshan Sukhani, technical analyst, on CNBC TV18. It is worth taking a long call on this stock, he adds. The stock is currently trading at Rs 151.50, up 10.7% on the BSE.  

Buy Ambuja Cement with target of Rs 75 and 86, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 63, he adds. The stock is currently trading at Rs 68.80, up 1.6% on the BSE.  

HSBC maintains a buy call on Reliance Industries with target of Rs 1640, reports CNBC Awaaz. It is expected to give returns of 36% from current levels, it adds. The stock is currently trading at Rs 1271.50, up 5.8% on the BSE.  

Hold Chambal Fertilisers with stop loss of Rs 32, says Rajesh Jain of SMC Global Securities on Zee Business. It is trading in the range of Rs 32-42, he adds. The stock is currently trading at Rs 36.10, up 3.1% on the BSE.  

Hold GMR Infra with target of Rs 85, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 71.50, up 3.7% on the BSE.  

Buy Tata Motors with target of Rs 162 and 172, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 148, he adds. The stock is currently trading at Rs 158.30, up 8.5% on the BSE.  

Buy Dena Bank with target of Rs 36, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 28, he adds. The stock is currently trading at Rs 30.85, up 4.1% on the BSE.  

Buy ICICI Bank on dips, says Sudarshan Sukhani, technical analyst, on CNBC TV18. It has a long-term support between Rs 200-250, he adds. The stock is currently trading at Rs 307, up 8% on the BSE.  

The Asian and European markets are trading positive and following the global cues, the Indian market continues to hold up fairly well. Both the largecap and midcap indices are showing good gains. Sensex is trading at 8668, up 324 points and Nifty is at 2695, up 77 points from the previous close. CNX Midcap index is up 2.6% and BSE Smallcap index is up 1.4%.  

Hold HUL which has support at Rs 185 and Rs 210, says Ashu Bagri, technical analyst, on NDTV Profit. It has resistance at Rs 245, he adds. The stock is currently trading at Rs 228.50, up 1.4% on the BSE.  

Exit Indiabulls Real Estate on rally, says Sharmila Joshi of Systematix Shares on NDTV Profit. Invest in some other sector altogether, she adds. The stock is currently trading at Rs 89.60, up 4.7% on the BSE.  

Hold Shree Renuka Sugars with target of Rs 98-100, says Akshita Deshmukh, technical analyst, on CNBC Awaaz. It has support at Rs 75, she adds. The stock is currently trading at Rs 76.75, up 2.1% on the BSE.  

Investors should sell Satyam on rally, says Phani Sekhar of Angel Broking on CNBC Awaaz. There is, however, trading opportunity in this, he adds. The stock is currently trading at Rs 46.60, down 1.3% on the BSE.  

Hold Axis Bank and sell when it reaches Rs 425, says Ashu Bagri, technical analyst, on NDTV Profit. It has support at Rs 220-270 and resistance at Rs 352-396, he adds. The stock is currently trading at Rs 326, up 7.1% on the BSE.  

Hold L&T for 2-3 years, says Gaurang Shah of Geojit Financials on Zee Business. It will give very good returns, he adds. The stock is currently trading at Rs 603, up 4.7% on the BSE.  

Buy Cairn India at its support level of Rs 150, says Sudhanshu Pandey, technical analyst with LKP Shares, on CNBC Awaaz. Sell at Rs 168-170, he adds. The stock is currently trading at Rs 169.80, up 4% on the BSE.  

The Indian market continues to look good and cheerful as the Asian markets surge too. The indices are gaining ground. Banks, IT, realty and metals zoom. Sensex is trading at 8654, up 311 points from its previous close, and Nifty is at 2687, up 68 points. CNX Midcap index is up 2.4% and BSE Smallcap index is up 1.3%. The market breadth is positive with advances at 852 against declines of 302on the NSE.  

Hold Tech Mahindra at current levels, says VK Sharma of Anagram Stock Broking on CNBC TV18. The stock is currently trading at Rs 260 on the BSE.  

Hold Rajesh Export and exit when it reaches Rs 30, says Ashu Bagri, technical analyst, on NDTV Profit. It has support at Rs 19-20, he adds. The stock is currently trading at Rs 22.30, down 0.9% on the BSE. 

Hold Hero Honda with target of Rs 1040, says Akshita Deshmukh, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 935, she adds. The stock is currently trading at Rs 957.60, down 1.5% on the BSE.  » 

Invest in Escorts with long-term view, says Paras Bothra of Ashika Stock Broking on CNBC Awaaz. It will give good returns, he adds. The stock is currently trading at Rs 36.65, down 2.9% on the BSE.  

Hold GVK Power for long term with stop loss of Rs 12, says Gaurang Shah of Geojit Financials on Zee Business. The stock is currently trading at Rs 18.45, up 1.9% on the BSE.  

Buy SBI, Axis Bank and PNB on dips, says Daljeet Kohli of Emkay Shares and Stock Brokers on CNBC Awaaz. These are safe stocks to invest in, he adds.  

Buy Mahindra & Mahindra at Rs 280, says Sudhanshu Pandey, technical analyst with LKP Shares, on CNBC Awaaz. It has resistance at Rs 334, crossing which it might go up to Rs 410, he adds. The stock is currently trading at Rs 352.20, up 7% on the BSE. 

Hold Reliance Capital with stop loss below Rs 274, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 303.80, up 7% on the BSE.  

At noon, the market continues to look good, steadying the gains of the day. Most heavyweights are pushing the indices up, except for NTPC which is trading in the red. Sensex is trading at 8625, up 281 points from its previous close, and Nifty is at 2685, up 68 points. CNX Midcap index is up 2.4% and BSE Smallcap index is up 1.4%. The market breadth is positive with advances at 867 against declines of 268 on the NSE.  

Buy Bharti Airtel at current levels but with strict stop loss, says Sudarshan Sukhani, technical analyst, on CNBC TV18. The stock is currently trading at Rs 550.70, up 0.1% on the BSE. 

Buy Satyam at around Rs 38 and hold for 3 years, says Gaurang Shah of Geojit Financials on Zee Business. Stop loss for short term should be Rs 32, he adds. The stock is currently trading at Rs 46.25, down 2.01% on the BSE.  

Buy IDFC on decline at around Rs 40-42, says Paras Bothra of Ashika Stock Broking on CNBC Awaaz. One can get returns of 10%, he adds. The stock is currently trading at Rs 47, up 5.2% on the BSE.  

Sell RIL on rally, says Sudhanshu Pandey, technical analyst with LKP Shares, on CNBC Awaaz. Crucial levels to watch out for are Rs 1260-1280, he adds. The stock is currently trading at Rs 1238, up 3% on the BSE.  

Hold ICICI Bank with stop loss of Rs 248, says Simi Bhaumik, technical analyst, on Zee Business. It has resistance at Rs 330-350, she adds. The stock is currently trading at Rs 305.50, up 7.5% on the BSE..  

Buy Kotak Mahindra Bank at around Rs 230-210 with trading target of Rs 255-260, says Anil Maghnani, technical analyst, on CNBC TV18. Keep stop loss of Rs 205, he adds. The stock is currently trading at Rs 239, up 3.3% on the BSE.  

Hold Rolta India with stop loss of Rs 38, says Simi Bhaumik, technical analyst, on Zee Business. Exit when it reaches Rs 47-50, she adds. The stock is currently trading at Rs 43.35, up 4.8% on the BSE.  

An hour into opening, the market is looking good, holding on to the morning's gain. The Asian markets are rallying, too, with Hang Seng and Nikkei looking rather strong. Sensex is trading at 8584, up 244 points from its previous close, and Nifty is at 2677, up 59 points. CNX Midcap index is up 2.1% and BSE Smallcap index is up 1.5%. The market breadth is positive with advances at 820 against declines of 249 on the NSE.  

Buy Ashok Leyland on dips with stop loss of Rs 15, says Sudhanshu Pandey, technical analyst with LKP Shares, on CNBC Awaaz. It has a crucial level of Rs 17.20, crossing which it might go up to Rs 22, he adds. The stock is currently trading at Rs 17.15, up 3.3% on the BSE.  

Sell Dewan Housing on rally, says Paras Bothra of Ashika Stock Broking on CNBC Awaaz. The company is under pressure at the moment, he adds. The stock is currently trading at Rs 53.65, down 0.6% on the BSE.  

Hold Tata Motors with target of Rs 185-195, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 135, she adds. The stock is currently trading at Rs 153.60, up 5.2% on the BSE.  

Hold Tata Steel with target of Rs 165-175, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 160.80, up 3.1% on the BSE.  

Buy Emco with stop loss of Rs 23, says Anil Singhvi, market expert, on CNBC Awaaz. Traders keep target of Rs 31-32, he adds. Investors can expect returns of 25-30%, he says. The stock is currently trading at Rs 29.40, up 13.1% on the BSE.  

Buy Sesa Goa on decline of 5-10%, says Paras Bothra of Ashika Stock Broking on CNBC Awaaz. The stock is currently trading at Rs 78.80, up 4% on the BSE.  

Go long on Bank Nifty with target of 3525-3550, says Devangshu Dutta, market expert, on CNBC TV18. Keep stop loss of 3375, he adds.  

Sell Wipro on rally at Rs 225 with target of Rs 200, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 230, he adds. The stock is currently trading at Rs 215.95, up 1.8% on the BSE.  

Traders should buy equities today, says Sudarshan Sukhani, technical analyst, on CNBC TV18. He feels that buyers could either take profits or carry their position into Monday.  

The market opens on a reasonably good note today, following a rally in the US market. Autos and financial stocks are leading the gains. Sensex is trading at 8563, up 219 points from its previous close, and Nifty is at 2676, up 59 points. CNX Midcap index is up 1% and BSE Smallcap index is up 0.4%. The market breadth is positive with advances at 401 against declines of 58 on the NSE.  

Go long on Nifty Futures with target of 2690, says Devangshu Dutta, market expert, on CNBC TV18. Keep stop loss of 2580, he adds.  

Some covering by Nifty 2500 Put buyers was seen yesterday, says VK Sharma of Anagram Stock Broking on CNBC TV18. The Options data now indicates a neutral view with IVs coming down, he adds. He sees resistance for Nifty at 2680 and feels that a higher closing would lead to a short covering rally.  

There could be a short covering rally in the next few days followed by a collapse, says Anil Maghnani, technical analyst, on CNBC TV18. He sees resistance levels for Nifty at 2650 and 2700 and support at 2410 and 2480.  

The bias is on the upside for the near term given the positive global cues, says Amitabh Chakraborty of Religare Securities on CNBC TV18. He feels that the Nifty can go up to 2700, while the key support is at 2500. There are hopes that the Q3 GDP may be revised upward after the good IIP data, he adds