9:25 AM
Unknown
Bank Nifty traded with a negative bias breaching the
support at 11000 on intraday basis only to bounce back
and close marginally above at 11020.
For the day, Bank Nifty could witness some relief rally
which is likely to find resistance at 11150 zone.
Post the relief rally we believe Bank Nifty could resume its
down trend. A close below 11000 would indicate
resumption of larger downtrend pushing prices lower
towards 10500/ 10200
With prices having turned sharply from trend line
resistance and weekly momentum turning at over bought
zone, we believe the larger downtrend continues to be negative.