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MTECHTIPS:-BANKNIFTY
The Bank nifty dipped in opening trades in Friday’s session and the banking index found strong support at lower levels as the investors looked to cover shorts on the last day of the week. The pull back in the index tested highs around 9300 and settled the day with strong gains around the days highs. Any dip below the levels of 9000 nowwill be very weak signal for the Bank Nifty in coming days. The index has crucial support around 9000 levels, and if the Bank nifty sustains around these levels, some short covering may be seen,
which may lead to testing of 9300 levels again. Overall trend in banking counters is weak and holding below 9000 levels will open up supports of 8800 in coming days. Strong resistance in the bank index is seen above the 9300 levels. Traders are advised to avoid aggressive longs at current levels.
The Bank nifty dipped in opening trades in Friday’s session and the banking index found strong support at lower levels as the investors looked to cover shorts on the last day of the week. The pull back in the index tested highs around 9300 and settled the day with strong gains around the days highs. Any dip below the levels of 9000 nowwill be very weak signal for the Bank Nifty in coming days. The index has crucial support around 9000 levels, and if the Bank nifty sustains around these levels, some short covering may be seen,
which may lead to testing of 9300 levels again. Overall trend in banking counters is weak and holding below 9000 levels will open up supports of 8800 in coming days. Strong resistance in the bank index is seen above the 9300 levels. Traders are advised to avoid aggressive longs at current levels.
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