9:30 AM
Unknown
With last week’s sideways price action, Bank Nifty has
formed a small bodied Doji right at the falling trendline
resistance indicating that the ongoing uptrend of since last
3 weeks now seems to be loosing momentum.
For the coming week, low of Doji pattern at 11270 is
crucial. A breach below would lead to the index falling
initially towards 11000. At 11000 confluence of moving
averages and Fibonnaci retracement is likely to provide
good support.
It will need to be seen how prices behave at the 11000mark. A failure to hold above would lead to further fall
towards 10800 and then 10400.
While the daily momentum is declining, weekly momentum
is still rising; with conflicting signals on different time
frames volatility seen last week is likely to continue even
this week.
Sell Bank Nifty initially below 11270 for a Target of 11000 with stop
placed above 11425 on closing basis.