9:19 AM
Unknown
As expected, Bank Nifty faced strong resistance at 11400
zone and fell lower towards our first advocated support at
11200. With the index retreating back from the
intermediate falling trend line, the larger trend continues to
stay negative.
In yesterday’s trade session while prices opened with an
upside gap, Bulls were unable to sustain and were thus
over powered by Bears who then pushed prices below
prior day’s low forming a Bearish Engulfing pattern.
Thus the index appears to be bearish and can fall further
today towards 11000 zone.
While the daily momentum has turned positive, the weekly
momentum is now testing over bought zone making the
index vulnerable to selling pressure.
Relief rallies if any is likely to find resistance at 11250-
11270 zone.
Sell Bank Nifty at Cmp 11171 and on rallies to 11250 for a Target of
11000 with stop placed above 11300 on closing basis