9:28 AM
Unknown
Bank Nifty breached the crucial support of 11270 and felllower towards 11121 level as expected before closingmarginally higher. With prices closing near to day’s low Bank Nifty hasformed Bearish Belt Hold pattern for the day
indicatingfurther weakness could be seen towards 11000 zone. At 11000 confluence of moving averages and Fibonnaciretracement is likely to provide good support. It will need to be seen how prices behave at the 11000mark. A failure to hold above would leadto further falltowards 10800 and then 10400. Relief rallies if any are likely to find strong resistance at11200-11250 zone.
Sell Bank Nifty at Cmp and on rallies to 11200 for a Target of 11000
with stop placed above 11300. .