BY A STAFF REPORTER: Bank Nifty Weak opening at 40889 & initially low printed at 40360 then intraday good bouncing upto 41159. But failed to sustain above crucial level 41000 <5-9 bearish cross point> & after that partially erased the gain & finally settled at 40630.
Initially after 500 points correction from low almost 800 points bounced but failed to sustain at top & from there further 500 points fizzled out. Intraday basis huge volatility. Day to Day basis down by -572 pts. It formed a bearish candle on the daily chart.
As a swing short term basis Bank Nifty is trading in a wide range of 40000 & 42000 and a break on either side will give a direction to the index.
On the down side :-
Bears will get active below 40550 for a move towards 40444—40280—40100 to 40000. Major 39755.
On the upside :-
Bulls will get active above 40760 for a move towards 40888—41160--& 41360. Major 41500—41650.
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