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MTECHTIPS:-BANKNIFTY
The Bank nifty witnessed a weak session and the index dipped sharply on sustained profit booking in banking stocks by traders, who looked to exit longs ahead of key results in coming days. Profit booking emerged in the index at higher levels, as the index fell from its highs. The bank nifty will now face stiff resistance above 11600 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 11200 levels. Any dip below will open up levels of 11000 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 weak session and the index dipped sharply on sustained profit booking in banking stocks by traders, who looked to exit longs ahead of key results in coming days. Profit booking emerged in the index at higher levels, as the index fell from its highs. The bank nifty will now face stiff resistance above 11600 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 11200 levels. Any dip below will open up levels of 11000 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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