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MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a session of profit booking as the index dipped on sustained selling in it, the banking stocks witnessed selling pressure as the S&P downgraded SBI and Union Bank. The index managed to take support at lower levels and traded above 11200 levels, which is crucial support level. The index in coming sessions will have strong support at lower levels, the news of ratings downgrade in banking stocks will have negative impact on banking stocks. The bank index will have immediate weekly support around 11200 levels, and if the index slips below these levels, we may soon witness testing of 11000 and lower levels in the index. The bank nifty will now face stiff resistance above 11500 levels, and if it manages to trade above these levels we may gain witness testing of 11700 and higher levels in coming days. We expect the index to trade in a small range around 11000-11500 levels and strong resistance is seen at higher levels, but if the index sustains above 11600, further upside may be seen.
The Bank nifty witnessed a session of profit booking as the index dipped on sustained selling in it, the banking stocks witnessed selling pressure as the S&P downgraded SBI and Union Bank. The index managed to take support at lower levels and traded above 11200 levels, which is crucial support level. The index in coming sessions will have strong support at lower levels, the news of ratings downgrade in banking stocks will have negative impact on banking stocks. The bank index will have immediate weekly support around 11200 levels, and if the index slips below these levels, we may soon witness testing of 11000 and lower levels in the index. The bank nifty will now face stiff resistance above 11500 levels, and if it manages to trade above these levels we may gain witness testing of 11700 and higher levels in coming days. We expect the index to trade in a small range around 11000-11500 levels and strong resistance is seen at higher levels, but if the index sustains above 11600, further upside may be seen.
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