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MTECHTIPS:-BANK NIFTY
The Bank nifty witnessed sharp decline in early trade yesterday as the as the index opened with huge gap down. Traders looked for value pickings at lower levels as the index took support around 9470 levels, the index witnessed a sharp short covering supported rally in the day and closed with marginal gains. Any dip below the levels of 9750 now will be very weak signal for the markets in coming days. The index has crucial support around 9600 levels, and if the Bank nifty 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 10000 levels and the current negative trend will be broken if the index holds above the resistance of 10000. The current pull back may be short lived if it fails to breach these resistance levels.
The Bank nifty witnessed sharp decline in early trade yesterday as the as the index opened with huge gap down. Traders looked for value pickings at lower levels as the index took support around 9470 levels, the index witnessed a sharp short covering supported rally in the day and closed with marginal gains. Any dip below the levels of 9750 now will be very weak signal for the markets in coming days. The index has crucial support around 9600 levels, and if the Bank nifty 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 10000 levels and the current negative trend will be broken if the index holds above the resistance of 10000. The current pull back may be short lived if it fails to breach these resistance levels.
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