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MTECHTIPS:- BANK NIFTY
The Bank nifty continued to witness decline at all levels and failed to hold on at higher levels. Banking stocks were under pressure as the rupee continued its slide putting pressure on the markets. The RBI has little room for lowering interest rates further as it still sees inflationary pressure in the medium to long term, Dy Governor Subir Gokarn said. Any dip below the levels of 9400 now will be very weak signal for the markets in coming days. The index has crucial support around 9400 levels, and if the Bank nifty regains lost ground & holds above 9600 levels, we may witness more pull back. Overall trend in banking counters is weak and holding at current levels will be very negative signal for the index in coming sessions. Strong resistance in the bank index is seen well above the 9800 levels and the current negative trend will be broken if the index holds above the resistance of 10000.
The Bank nifty continued to witness decline at all levels and failed to hold on at higher levels. Banking stocks were under pressure as the rupee continued its slide putting pressure on the markets. The RBI has little room for lowering interest rates further as it still sees inflationary pressure in the medium to long term, Dy Governor Subir Gokarn said. Any dip below the levels of 9400 now will be very weak signal for the markets in coming days. The index has crucial support around 9400 levels, and if the Bank nifty regains lost ground & holds above 9600 levels, we may witness more pull back. Overall trend in banking counters is weak and holding at current levels will be very negative signal for the index in coming sessions. Strong resistance in the bank index is seen well above the 9800 levels and the current negative trend will be broken if the index holds above the resistance of 10000.
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