Posts
MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a very positive session as traders were seen covering short positions, as value pickers moved in to buy into beaten down stocks in this sector. The index closed well above 9300 levels testing crucial 9400 levels which are very important resistance levels. The index has crucial support around 9200 levels. If the Bank nifty sustains around 9400 levels, short covering may continue in coming sessions, which may lead to testing of 9600 levels. We expect the current negative trend to reverse only if the index manages to hold above 9600 levels. Strong support in the bank index is seen below the 9200 levels and testing of 9050 levels in coming sessions. Traders are advised to avoid aggressive longs at current levels. Banking stocks have witnessed some buying interest in coming sessions and this trend may continue for the time being.
The Bank nifty witnessed a very positive session as traders were seen covering short positions, as value pickers moved in to buy into beaten down stocks in this sector. The index closed well above 9300 levels testing crucial 9400 levels which are very important resistance levels. The index has crucial support around 9200 levels. If the Bank nifty sustains around 9400 levels, short covering may continue in coming sessions, which may lead to testing of 9600 levels. We expect the current negative trend to reverse only if the index manages to hold above 9600 levels. Strong support in the bank index is seen below the 9200 levels and testing of 9050 levels in coming sessions. Traders are advised to avoid aggressive longs at current levels. Banking stocks have witnessed some buying interest in coming sessions and this trend may continue for the time being.
No comments:
Post a Comment