Like Nifty Bank Nifty also started with a Gap up note at 41418 and hit an intraday high of 41671.Taking 50DSMA 41680 as a strong barrier Nifty failed to cross that hurdle , gradually drifted lower to hit an intraday low of 41259 in latter part of the trading. Slipped from top more than 300 points & finally, the index settled with 99 points or 0.24% gains at 41350.
The banking index has formed a small bodied bearish candle on daily scale as it closed slightly below its opening levels. However, it still formed higher highs on daily scale from past seven trading sessions and closed near 50 DEMA (41374).
On the upside :- Pivot hurdle @ 41426. Above that Other Resistances are – 41567 & then 41673 < 50dma> . Break out basis swing hurdles are 41750—42000.
On the down side :- Support @ 41260. Below that other supports are 41180 & major 41000-40750.
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