Bank Nifty is overall weak and as long it doesn't close above 10400 on a continuous basis I don't see any strength in it. Going higher it will face tough resistance around 10400 and could correct again.
In 1st place on any sharp decline it could see downside level of upto 9468 to 9267 and can look for a bounce again.
In 2nd place on any closing below 8970 it could drift down further lower upto 8488-8171-7970 where it could take support and give a big big bounce.
These levels are not meant to give you fear or worry...no need to worry....its for your knowledge only so that you remain aware what could happen when any key level gets broken.
In our earlier discussion we talked of 10400 level as a strong support level however when it closed below it we could see how it came down in a hurry.
Bank Nifty spot at 10095 as of today.
In 1st place on any sharp decline it could see downside level of upto 9468 to 9267 and can look for a bounce again.
In 2nd place on any closing below 8970 it could drift down further lower upto 8488-8171-7970 where it could take support and give a big big bounce.
These levels are not meant to give you fear or worry...no need to worry....its for your knowledge only so that you remain aware what could happen when any key level gets broken.
In our earlier discussion we talked of 10400 level as a strong support level however when it closed below it we could see how it came down in a hurry.
Bank Nifty spot at 10095 as of today.
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