9:46 AM
Unknown
Bank Nifty opened with a downside gap breaching the
support at 11000. Failure to move above 11000 saw the index edging further lower towards our advocated zone of 10800 A close near day’s low along with a close below 11000 implies further weakness in prices towards 10650 – 10600 for the day and towards 10500 in coming days.Prices have also breached the support of the trend line drawn parallel to line joining earlier highs. With prices below all the crucial moving averages, they arelikely to pose strong resistance on any up move now.Now declining adding to the weekly momentum which is about to give a negative crossover at overbought zone.
Sell Bank Nifty on any rise for a Target of 10650-10600 with stop placed above 11000
.