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MTECHTIPS:-BANK NIFTY
The Bank nifty witnessed a volatile trading session in yesterday’s trade, as the index broke above the crucial resistance of 9400but could not manage a close above that level. The Bank index looks positive to test higher levels in coming session and we may soon be testing the resistances of 9600 also. The index has crucial support below 9300 levels and any dip below these levels will test 9100 levels in coming days. The Bank nifty will have immediate resistance above 9560 levels, holding above these levels will lead to short covering, which may lead to testing of 9650 levels. The bank index has in the last few weeks taken strong support at lower levels around 9200, but if these levels are taken on closing basis we may soon witness levels of 9000 and below. Banking stocks are trading in a small range between 9200-9600 any directional move in the index is not seen unless this range is broken convincingly in coming days.
The Bank nifty witnessed a volatile trading session in yesterday’s trade, as the index broke above the crucial resistance of 9400but could not manage a close above that level. The Bank index looks positive to test higher levels in coming session and we may soon be testing the resistances of 9600 also. The index has crucial support below 9300 levels and any dip below these levels will test 9100 levels in coming days. The Bank nifty will have immediate resistance above 9560 levels, holding above these levels will lead to short covering, which may lead to testing of 9650 levels. The bank index has in the last few weeks taken strong support at lower levels around 9200, but if these levels are taken on closing basis we may soon witness levels of 9000 and below. Banking stocks are trading in a small range between 9200-9600 any directional move in the index is not seen unless this range is broken convincingly in coming days.
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