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MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a positive session as the index opened very strong with positive moves in almost all banking counters. Profit booking emerged in the index at higher levels, as the index fell from its highs, but managed a close around 11500. The bank nifty will now face stiff resistance above 11650 levels, and if it manages to trade above these levels we may gain witness testing of 11900 and higher levels in coming days. Very crucial support in the bank index in coming sessions is seen below 11400 levels. Any dip below will open up levels of 11200 and lower in coming days, but the current momentum is very positive, and investor interest in banking stocks will keep the index in green zone. Sustaining strongly at current levels will open up levels above 12000 in coming days. The reforms push by the government is a welcome move, but the UPA government’s ability to get the bills cleared by the parliament is doubted.
The Bank nifty witnessed a positive session as the index opened very strong with positive moves in almost all banking counters. Profit booking emerged in the index at higher levels, as the index fell from its highs, but managed a close around 11500. The bank nifty will now face stiff resistance above 11650 levels, and if it manages to trade above these levels we may gain witness testing of 11900 and higher levels in coming days. Very crucial support in the bank index in coming sessions is seen below 11400 levels. Any dip below will open up levels of 11200 and lower in coming days, but the current momentum is very positive, and investor interest in banking stocks will keep the index in green zone. Sustaining strongly at current levels will open up levels above 12000 in coming days. The reforms push by the government is a welcome move, but the UPA government’s ability to get the bills cleared by the parliament is doubted.
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