Bank Nifty Spot last cl 38789.

Bank Nifty Spot last cl 38789.

W to W basis up 1099 pts & D to D basis – 220 pts.

Though Bank Nifty relatively stronger than Nifty but as per daily chart if fails to stay above Last week upper hurdle 39425 < rounding 39500 > & if breaches 38550 < rounded 38500 > then chances of more retracement.

On the down side :-

Below 38550/475 - immediate basis supports are :- 38350 & vital support :- 38200/160.

Swing basis good buying opportunity areas on dips 37900-37777. Should hold that.

Otherwise more bear action & chances to test 37444--37000.

On the upside :-

Above 38888/39000 immediate resistances at 39200 & crucial hurdle at 39450.

If breaches decisively then only fresh break out & projected resistances are 39600—39850.

Very Major 40100 & 40300.

Source : Eureka

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