Morning Market View: HDFC Bank may lead gap down?

It will yet another massive gap down day for Nifty in today’s trade all thanks to the bleeding global cues led by US markets. The overall sentiment is very cautious on the street with brent crude back above 110 and dollar index also on the higher side. The support for the day is around 23100 while 23900-24000 remains strong resistance zones. Bank Nifty is expected to open with massive gap down in the today’s trader tracking bad sentiment development in the HDFC BANK which holds around 20% weightage in the banking index. Immediate support is seen in the lower range 53800-54000, while resistance is placed near recent highs where selling pressure could emerge gain on the charts. MASSIVE DEVELOPMENT: HDFCBANK in focus in today's trader after the part time Chairman resigned with immediate effect citing Ethic Issues. The stock will drag index massively lower to The global markets are weak tracking the development in the middle east followed by heavy volatility in the crude oil prices. The sentiment on the street will remain extremely cautious till it is trading below yesterday’s low on the charts. HDFCBANK FIASCO EFFECT: Today will be the big accident in HDFCBANK (19% weight in BANKNIFTY) and for the obvious reason we all know from the last night. The selling in the stock may also start today and may continue tomorrow as well as volumes may be dry today as banks are closed followed by currency market holiday. So, the stock will be under bearish zone but on the flip side, ICICIBANK (16% weightage in BANKNIFTY) may see buying interest being second biggest stock in the banking index. So, overall - HDFCBANK will be lower while ICICIBANK (16%), SBIN (10%) & AXISBANK (10%) may see some buying interest in short run. Keep on radar.