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MTECHTIPS:-BANKNIFTY
The Bank nifty continued its southward journey, as the index slipped further on sustained selling in the banking stocks. Traders were seen booking profits in banking stocks at higher levels, bank index again witnessed a negative session as the index dipped to test lower levels on account of sustained selling in major banking stocks. Any dip below the levels of 10000 will be very weak signal for the markets in coming days. The index has crucial resistance above 10400 levels, and if the Bank nifty holds above these levels, we may test levels of
10600 and above also. Overall trend in banking counters is of profit taking, any move in the bank nifty below the supports of 10000 will open up crucial supports of 9800 in the index in the short run. Clients are advised to avoid longs at current levels and wait for clear trend before taking aggressive positions.
The Bank nifty continued its southward journey, as the index slipped further on sustained selling in the banking stocks. Traders were seen booking profits in banking stocks at higher levels, bank index again witnessed a negative session as the index dipped to test lower levels on account of sustained selling in major banking stocks. Any dip below the levels of 10000 will be very weak signal for the markets in coming days. The index has crucial resistance above 10400 levels, and if the Bank nifty holds above these levels, we may test levels of
10600 and above also. Overall trend in banking counters is of profit taking, any move in the bank nifty below the supports of 10000 will open up crucial supports of 9800 in the index in the short run. Clients are advised to avoid longs at current levels and wait for clear trend before taking aggressive positions.
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