Bank Nifty : No change in rates is an immediate hurdle.

Bank nifty closed above 21500 as expected. RBI has not cut the rates in today's MPC . However Governor has talked about the loan recast with some riders. Though the loan recast is positive for Indian economy as even personal and credit cards are covered under the loan recast scheme, it may not be positive for Banks. Also loan recast comes with its own red tape. I am not so bullish on banks. Strategy for this month should be long NIFTY and short bank nifty.