Published on 17/02/2017 9:43:46 AM | Source: Tradebulls Securities Pvt Ltd

Bank Nifty has next resistance at 20570 levels - Tradebulls

Posted in Market Outlook | #Market Outlook #Tradebulls Securities Pvt Ltd


Nifty Spot View

Nifty traded with volatile sentiments in last session due to profit booing at higher levels from traders. However it recovered well from lower levels and managed to close with gains. Next important support seen at 8690 level. Nifty likely to trade with sideways sentiments in today’s session on profit booking at higher levels from traders. Nifty likely to trade with sideways sentiments and 8740 at lower side will be the trend deciding level for intraday session. Higher side resistance seen at 8830 levels. However, some short covering at lower levels may limit the downside in NIFTY. Applying momentum Indicator RSI for 14-day period trading at level of 66.00 indicates sideways trend. Nifty Spot

 

Bank Nifty Future View

Bank Nifty traded with volatile sentiments due to profit booking at higher levels from traders. It likely to trade with sideways sentiments in Intraday session on profit booking at higher levels from traders. Bank Nifty has next resistance at 20570 levels while 20050 is the strong support for the same. If Bank Nifty trade down then it may test next support of 20050 levels. Technically, fall in volume and rise in open interest with volatile price movement indicates sideways sentiments in intraday session.

 

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