Bank Nifty trades with weak bias towards 11066 - Aditya Birla Money

Bank Nifty traded with weak bias towards 11066 with the index failing to find support at 11150-11200 zone.

With the sharp fall seen last week the index has closed down by 226 points forming a Rejected Bearish candle indicating strong selling pressure at higher levels.

With no sign of any reversal yet, the index seems likely to trade with a weak bias in the coming week and could test support at 10900-10850.

For the day, resistance at 11220 is crucial; as long as it holds the index is likely to trade with negative bias and edge lower towards 10950-10900. If on the other hand 11220 is breached, the index could witness an up move towards 11400 levels.

Daily momentum has once again given a negative crossover and is in sync with declining weekly momentum.

Resistance holding at 11220, the index is likely to trade with weak bias towards 10950-10900.

Source : Equity Bulls

Keywords