Bank Nifty loses steam

After gains in seven consecutive futures & options series, the Bank Nifty futures ended in the negative in August, sliding 2.5 per cent over the closing of July series. Most of the long positions were unwound, which analysts believe is a sign of concern, as the past few series had seen a sustained built-up of long positions. The going may be tough, especially for public sector banks such as Bank of Baroda, State Bank of India and Canara Bank, which have seen a significant built-up short positions in their counters. On the upside, the Bank Nifty might face resistance at 24,500-24,750. The downside level for the index is pegged at 23,800. Any fall below 23,800 might see the index slipping to 23,000 levels, reckon analysts.