Thursday, 27 April 2017

The Bank Nifty higher side resistance still remains firm at 22480 levels

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The benchmark index rallied for the third consecutive session and extended gains tracking positive global cues and appreciation of Indian rupee against US Dollar. Nifty breached 9300 marks and settled above the same. Momentum Indicator RSI for a 14-day period is poised at 69.20 indicating firm trend at current levels. Next crucial Resistance for Nifty futures seen at 9370 levels while Support seen at 9300 levels. Breach of immediate resistance of 9370 will unfold the next upside Targets of 9400 and 9430 level. A breach below 9300 could resume the down move and drag Nifty southwards to 9220 level. Traders are advised to maintain logs with a trail stop strategy.

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