View on Bank Nifty : The Bank Nifty index continued its strong up move on the back of positive global cues Says Kunal Shah, LKP Securities
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View on Bank Nifty 11 August 2022 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
"The Bank Nifty index continued its strong up move on the back of positive global cues. The index surpassed the immediate hurdle of 38400 which will now act as support on the downside. The upside resistance is placed at 39000 and if breached on a closing basis will see further upside towards the 40000 level. The index is trading in overbought territory and a profit booking scenario cannot be ruled out from the current levels."
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