Bank Nifty(Intraday) Out look

Bank Nifty opened with an downside gap and traded with a

negative bias edging lower towards 11000 as expected.

There after prices witnessed a relief rally towards 11200

levels only to face strong selling pressure as per

expectation and fell back lower to close at 11035.

 With this prices have formed a Doji pattern at the cluster of

moving averages and Fibonacci retracement zone of

11000. Thus the index seems likely to consolidate around

the 11000 zone.

  It will need to be seen how prices behave at the 11000

zone A failure to hold would lead to further fall towards

10800 and then 10400. On the other if the support holds,

the index could once again head towards 11300 levels.

  Daily momentum is reaching oversold zone while weekly

momentum is still rising. With the short term momentum

having unwound from overbought zone the index is likely

to find support an any dips now

Bank Nifty is likely to trade in a range bound mode with moving

average support underpinning prices and conflicting momentum

signals on daily and weekly timeframes