Published on 18/03/2017 11:03:56 AM | Source: Tradebulls Securities Ltd

Bank Nifty has next resistance at 21550 levels - Tradebulls Sec

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


Nifty Spot View

Nifty traded with sideways sentiments in last session due to profit booking at higher levels from traders. Next important support seen at 9080 level. Nifty likely to trade with sideways se􀅶ti􀅵e􀅶ts i􀅶 today’s sessio􀅶 on profit booking at higher levels from traders. Nifty likely to trade with sideways sentiments and 9140 at lower side will be the trend deciding level for intraday session. Higher side resistance seen at 9220 levels. However, some profit booking at higher levels may limit the upside in NIFTY. Applying momentum Indicator RSI for 14-day period trading at level of 76.73 indicates that it is trading near over bought zone and may face resistance at higher levels.

 

Bank Nifty Future View

Bank Nifty traded with bearish sentiments due to profit booking 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 21550 levels while 21000 is the strong support for the same. If Bank Nifty trade firm then it may test next resistance of 21550 levels. Technically, Fall in volume and Rise in open interest with volatile price movement indicates sideways sentiments in intraday session.

 

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