NIFTYBANK - BULLS TO YIELD

Nifty bank failed around 39400 and subsequent fall erodes the near term trend line. With broad market continues to worry both Faster Global interest rate hike (short term more of a concern), the local bond yields come closer to hitting 7th heaven. This is yet to play on the bank index as it would tantamount to rising cost of deposits, MTM losses on bond portfolio. Canvas is not conducive to the up move and hence this also would wilt. Shorts below 39100 break of 38600 to ensure 38200.