Published on 17/03/2017 9:27:46 AM | Source: Tradebulls Sec (P) Ltd

Bank Nifty traded with firm sentiments due to buying support from traders - Tradebulls

Posted in | #Market Outlook #Tradebulls Securities Pvt Ltd


Nifty Spot View

Nifty traded with firm sentiments in last session due to buying support from traders. Appreciation in Indian Rupee against US Dollar supported the firm sentiments throughout the session. Next important support seen at 9050 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 9100 at lower side will be the trend deciding level for intraday session. Higher side resistance seen at 9200 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 77.07 indicates that it is trading near over bought zone and may face resistance at higher levels.

 

Bank Nifty Future View

Bank Nifty traded with firm sentiments due to buying support from traders. It witnessed good buying sentiments and managed to hold the gains at higher levels. 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 21100 is the strong support for the same. If Bank Nifty trade firm then it may test next resistance of 21550 levels. Technically, Flat volume and Rise in open interest with firm price movement indicates sideways sentiments in intraday session.

 


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