BankNifty - targeting 7000 !

The Bank Nifty was one of the better performers of the recent rallies. It almost tripled from 3300 in March to near 9600 in Oct before closing near 8400 last week.

The RSI oscillator has shown weak since 9000 levels while the MACD indicator too signalled caution during this period.



Immediate support is at 8350 levels and a break below this should lead us towards 7000 levels in the next few days ... Resistance on upper side remains strong at 9000 which can be used as the stoploss for short sell positions.

Those investors who may be holding banking stocks may book profits and wait for the correction to re-enter...

Happy profit booking!
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.