NIFTY BANK:
Nifty Bank closed the week on negative note losing around 3.60%.
As we have mentioned, last week that resistance for the index lies in the zone of 27400 to 27500 where trend-line joining earlier highs is lying. If the index manages to close above these levels then the index can move to the levels of 27900 to 28000. During the week the index manages to hit a high of 27652 and close the week around the levels of 26451.
Support for the index lies in the zone of 26400 to 26500 where break out levels are lying. If the index manages to close below these levels then the index can drift to the levels of 25700 to 25800 where break out levels and short term moving averages are lying.
Minor resistance for the index lies in the zone of 26600 to 26700. Resistance for the index lies in the zone of 26900 to 27000 where break down levels are lying. If the index manages to close above these levels then the index can move to the levels of 27400 to 27500 where trend-line joining earlier highs is lying.
Range for the week is seen from 25700 to 25800 on downside & 27000 to 27100 on upside.
MORE WILL UPDATE SOON!!
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