The Nifty Bank index traded with a negative bias in yesterday's trading session and ended the day with losses of 0.34%. The Private sector index heavyweights are showing signs of consolidation with negative bias whereas the PSU banking space is continuously forming 'Lower Tops Lower Bottoms' with no signs of reversal yet. We believe the near term weakness would continue in the PSU space and hence one needs to keep a stock specific approach within the sector.
The immediate support for the Nifty Bank index is placed around 16420 and 16200 and with the individual stocks showing weakness, the index could test these support levels in near term. The immediate resistance for the index is seen around 16800 and 16900.
The immediate support for the Nifty Bank index is placed around 16420 and 16200 and with the individual stocks showing weakness, the index could test these support levels in near term. The immediate resistance for the index is seen around 16800 and 16900.
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