Is the BFSI sector set for a major breakout in June?
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A look at select stock futures that have seen higher-than average rollovers to June series, and their near-term outlook. Analysts said that the BFSI (banking, financial services, and insurance) sector is on the verge of a fresh breakout and looks firm in the uncertain market. PNB CMP (Rs): 105.8 Change in Open Interest in June Series: +6.1% Change in price in June Series: +3.4% PNB added over 6% open interest in the June series as long positions were built on Friday. Vipin Kumar, assistant vice president, derivatives and technical research, Globe Capital Market, said the stock had witnessed a bullish breakout with a noticeable rise in volumes on daily charts. “Considering the current chart patterns and strong long buildup, we expect it to move northward till it is trading above Rs 100 levels and anticipate it to test Rs 112-Rs 115 levels in the immediate near term,” he said. He suggests buying the June future for a target of Rs 112-Rs 11...