9:31 AM
Unknown
Bank Nifty opened with an upside gap and traded with a
positive bias edging higher towards 11197.
With this Bank Nifty has retraced back 38.2% of the recent
fall from 11495 to 10975.
With intraday momentum overbought and forming a
negative reversal with prices, as the daily continues to fall,
Bank Nifty seems likely to face strong resistance at 11200-
11300 zone.
A breach below 11140 would confirm weakness towards
11000 once again.
In the larger picture since prices have reversed from the
intermediate term falling trendline at 11500, I believe
that the larger trend is likely to stay negative as long as
prices are below it.
Bank Nifty is likely to witness selling pressure around 11200-11300
