9:25 AM
Unknown
The oversold momentum lead to Bank Nifty opening with
an upside gap. However prices were unable to sustain
and fell back lower. With this price action, the index has
retraced back the minor up move from the lows of 10763
to the yesterday’s high of11075. Having retraced back more
than 50%, Bank Nifty onceagain found support at 10900 and
seems to have resumedthe relief rally.
Thus for the day, Bank Nifty is likely to trade with a positive
bias edging higher towards 11100-11150 zone.
Overall with the bearish candle formed last week, the
downtrend in Bank Nifty continues to stay intact. Post the
relief rally we expect Bank Nifty to resume its downtrend
towards 10500 levels.
Weekly momentum has turned after testing the over
bought zone at 80 and is about to give a negative
crossover thus adding to our view that prices are unlikely
to sustain at higher levels