BANK NIFTY (Intraday)

The weakening momentum indicated by the weekly small

bodied Doji saw Bank Nifty edging lower towards our
advocated support at 11000.
With the support at 11000 holding good, Bank Nifty was
able to recover the losses for the week and has closed
unchanged forming yet another Doji though with a long
lower wick indicating buying interest creeping in on dips.
The overbought daily momentum has now unwound and is
turning from oversold zone and is now in line with weekly
rising momentum. Thus prices are likely to witness buying
interest and trade with positive bias this week. However with prices once again hovering below the falling
trendline joining prior intermediate highs, it will need to be
seen if it can breach the same at 11500-11600 zone. A
failure to do so would lead to continuation of downtrend
pushing prices lower towards 11000 and then 10500
levels.

Bank Nifty is likely to trade in a range bound manner between

11350 and 11200.