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MTECHTIPS:-BANK NIFTY
The Bank nifty witnessed another positive session as traders executed more buy positions in the banking stocks. The cross over above the 9600 levels is a positive signal for the bulls, but these levels should be sustained to test the strong levels of 9800 and above. The index closed well above 9600 levels indicating further upside in the index in coming sessions. The index has crucial support around 9400 levels. If the Bank nifty holds above 9600 levels, short covering may continue in coming sessions, which may lead to testing of 9800 levels. Strong support in the bank index is seen below the 9400 levels and holding below will open up probability 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 another positive session as traders executed more buy positions in the banking stocks. The cross over above the 9600 levels is a positive signal for the bulls, but these levels should be sustained to test the strong levels of 9800 and above. The index closed well above 9600 levels indicating further upside in the index in coming sessions. The index has crucial support around 9400 levels. If the Bank nifty holds above 9600 levels, short covering may continue in coming sessions, which may lead to testing of 9800 levels. Strong support in the bank index is seen below the 9400 levels and holding below will open up probability 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.
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