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MTECHTIPS:-BANKNIFTY
The Bank nifty continued the up move on the back of strong short covering in the markets by investors looking for value picks in banking counters. The index managed to hold on to the early gains and tested the crucial resistance of 9400 in the process. The index has crucial support around 9150 levels, and if the Bank nifty sustains around these levels, short covering may continue in coming sessions, which may lead to testing of 9600 levels again. Overall trend in banking counters is weak and holding below 9150 levels will open up supports of 9000 in coming days. Strong resistance in the bank index is seen above the 9450 levels. Holding above these levels will open up the higher levels of 9600 also. Traders are advised to avoid aggressive longs at current levels.
The Bank nifty continued the up move on the back of strong short covering in the markets by investors looking for value picks in banking counters. The index managed to hold on to the early gains and tested the crucial resistance of 9400 in the process. The index has crucial support around 9150 levels, and if the Bank nifty sustains around these levels, short covering may continue in coming sessions, which may lead to testing of 9600 levels again. Overall trend in banking counters is weak and holding below 9150 levels will open up supports of 9000 in coming days. Strong resistance in the bank index is seen above the 9450 levels. Holding above these levels will open up the higher levels of 9600 also. Traders are advised to avoid aggressive longs at current levels.
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