pavankalyanpinni

Bank Nifty in bearish zones!

Short
NSE:BANKNIFTY   NIFTY BANK
78 views
2
Bank Nifty has been facing resistance at upper sides continuously.
Previously, it held support around 33400 levels and once it broke, it crashed to 32300 zones.
Repeated testing at 32300 zone is a sign of caution.
Any break below the levels of 32300 could potentially give a targets of 29600-29800 in near term.
Comment: Following the views.
Bank Nifty in bear grip.
Could consolidate at 30800-31200 levels until mid day, for a further move.
30000 looks very much plausible for now.

Let's see. Will keep you posted.
Comment: 30800 broke and went all the way until 30500-600 levels.
Although there was a slight upmove towards the end, #BankNIfty closed below 30800 (30792) respecting the 30800 zone.
Looking forward for tomorrow with an intent to sell on rise.
Breaking 29600 looks disastrous as similar to Nifty breaking 14200 for 13700-600 zones.
Comment: Bank Nifty retraced back to slightly upper levels and closed around 31900-32000, in the previous week, right at the resistance zone. HDFC Bank is a strong player in Banking Space and the result do not seem interesting. This could add further pressure to the weak banking space. The first major support is at 30500-600 zone. Breaking that would lead to 29600-500.