NIFTY BANK: The most significant level for this index is 22,000. Any move toward this may see extensive selling pressure. Going forward, the index might not show deeper corrective moves; however, the upside may eventually see strong resistance in the range of 21,000 to 21,500 levels. The overall trend has lesser volumes - rather it is trading below-average volume. This shows lower participation by the market particpants, as they prefer to stay away given the market volatility, daily charts show. CLICK HERE FOR THE CHART
NIFTY PSU BANK: The index is showing a consolidation in the range of 1,600 to 1,200 levels. That said, the upside lacks strength and higher levels are expected to witness selling pressure in the range of 1,500 – 1,600. On the other hand, the support levels are located at 1,250 – 1,300 levels. The overall trend remains cautious. That said, any downside in the index may see buying support come in. CLICK HERE FOR THE CHART
NIFTY PVT BANK: This index needs to close strongly above 12,000 levels to suggest an immediate bottom. Till then, look for opportunities to liquate any leveraged positions. The immediate support comes at 9,750 levels and every upside above 11,200 may see heavy selling pressure. The index needs to trade in sideways formation, before showing any strong reversal for an upside. CLICK HERE FOR THE CHART
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