There are 3 gainers and 20 losers in banking pack: Dr CK Narayan, Chart Advise

In a chat with ET Now, Dr CK Narayan, Founder, Chart Advise, discusses banking stocks.

ET Now: Do you think volatility is down and does that bring about some stability within a narrow range for the markets?

Dr CK Narayan: I would have been happy with that particular aspect considering the fact at that at today’s breadth if you take the futures area as sort of bang down in the middle, that should probably give us a sense of at least some sort of complacence. I am just a wee bit worried about the fact that if you take a look at the banking pack in the futures, you have nearly some 22 or 23 stocks out there and I find that there are just about maybe maximum of about three gainers in there and about 20 losers in there and even the three gainers are just about sort of gasping their way towards the finishing line as far as gains are concerned. So the banking has been the key sore point for the markets and if somebody were to step on that nerve again, I think the market could be hurting once more. So I would be watching the banking pack very carefully tomorrow to see if any pressure points or pain points again come up, in which case we might see a pull back. If not, it should be eking out the similar kind of move on Wednesday and Thursday.