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MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed another very positive session in yesterdays trade as the index witnessed strong buying momentum to close the day with strong gains. The Bank index breached and closed above the crucial resistance levels of 9800 in the process. The index has crucial support below 9700 levels and any dip below these levels will test 9500 levels in coming days. The Bank nifty holding above the 200 DMA is a positive signal for the index and if it manages to sustain above these levels we may soon witness the index testing 10000 levels also. The bank index has very crucial weekly support around the 9600 levels and if it slips again below these levels in coming sessions, we may soon retest the supports of 9300. Banking stocks have been trading in a small range between 9200-9600 since this range has been broken we may witness positive up move, but consolidation at current levels is not ruled out.
The Bank nifty witnessed another very positive session in yesterdays trade as the index witnessed strong buying momentum to close the day with strong gains. The Bank index breached and closed above the crucial resistance levels of 9800 in the process. The index has crucial support below 9700 levels and any dip below these levels will test 9500 levels in coming days. The Bank nifty holding above the 200 DMA is a positive signal for the index and if it manages to sustain above these levels we may soon witness the index testing 10000 levels also. The bank index has very crucial weekly support around the 9600 levels and if it slips again below these levels in coming sessions, we may soon retest the supports of 9300. Banking stocks have been trading in a small range between 9200-9600 since this range has been broken we may witness positive up move, but consolidation at current levels is not ruled out.
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