Bank nifty future hurdle – 20175
Resistance 20400 – 20750
Supports 19700 – 19300
Bank nifty future opened the day at 19701.55 and made the intraday low at 19512 before making the close after a strong bounce from lows in later half of the trading session at 19907.80. Markets closed on a positive note for the day but negative for the week.
Now ahead week starting from 09-March-2015 bank nifty future will face hurdle at 20175 this is the crucial level for bulls to capitalize. Once this level is sustained we can expect short covering as well as fresh buying for upside 21000 and higher levels.
On downside the support area is at 19700 if market remains below this level than next round of selling shall begin and bank nifty can correct to 19300 which is also the 50 day moving average for the index. If bank nifty closes below this level then short-term and medium-term trend will be down.
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