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MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a positive session as the banking stocks witnessed some buying interest around 11400 levels. The index managed to take support at lower levels and traded above 11400 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 may have negative impact on banking stocks. The bank index will have immediate weekly support around 11350 levels, and if the index slips below these levels, we may soon witness testing of 11200 and lower levels in the index. The bank nifty will now face stiff resistance above 11700 levels, and if it manages to trade above these levels we may gain witness testing of 11900 and higher levels in coming days. We expect the index to trade in a small range around 11200-11800 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 positive session as the banking stocks witnessed some buying interest around 11400 levels. The index managed to take support at lower levels and traded above 11400 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 may have negative impact on banking stocks. The bank index will have immediate weekly support around 11350 levels, and if the index slips below these levels, we may soon witness testing of 11200 and lower levels in the index. The bank nifty will now face stiff resistance above 11700 levels, and if it manages to trade above these levels we may gain witness testing of 11900 and higher levels in coming days. We expect the index to trade in a small range around 11200-11800 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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