9:18 AM
Unknown
 As expected Bank Nifty traded in a range bound manner forming yet another Doji for the day. For the day support at 11200 is crucial; a breach would lead to prices falling towards 11000 levels. On the other hand as long as it holds, the index could re test 11400. The overbought daily momentum has now unwound and has given a positive crossover 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 11500-11550 zone. A failure to do so would lead to continuation of downtrend pushing prices lower towards 11000 and then 10500 levels. As long as support at 11200 holds, Bank Nifty could once again re test 11400 – 11500. However a breach and sustenance above 11550 would be required for the index to witness any meaningful up move. |