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MTECHTIPS:-BANK NIFTY
The Bank nifty after a day of relief rally dipped again in yesterday’ssession to make new lows. Banking stocks were under pressure in early trade, and failed to stage any strong come back as selling was heavy throughout the session. Any dip below the levels of 9050 now will be very weak signal for the markets 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 be very negative signal for the index in coming sessions. Strong resistance in the bank index is seen well above the 9300 levels and the current negative trend will be broken if the index holds above the levels of 9400.
The Bank nifty after a day of relief rally dipped again in yesterday’ssession to make new lows. Banking stocks were under pressure in early trade, and failed to stage any strong come back as selling was heavy throughout the session. Any dip below the levels of 9050 now will be very weak signal for the markets 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 be very negative signal for the index in coming sessions. Strong resistance in the bank index is seen well above the 9300 levels and the current negative trend will be broken if the index holds above the levels of 9400.
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