MTECHTIPS

MTECHTIPS:-BANK NIFTY

The  Bank nifty  gave a  negative opening as the index  opened negative tracking global cues, and the index dipped further as traders built new short positions intraday in the Bank index. The index has crucial support below 9100 levels and any dip below these levels will test 9000 levels in coming days. The Bank nifty  will have immediate resistance above 9400 levels, holding above these levels will lead to short covering, which may lead to testing of 9600 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.