The Bank nifty witnessed a negative opening to the session, the index traded with negative bias till the final hours of trade, on what appeared to be a lack luster session. But the banking stocks witnessed sharp rally in the final session, and closed the day with small gains. The bank index appears to have strong support around 10000 levels, and any sustained decline below this support levels will be negative for the index. Any dip below the levels of 10000will be a negative signal for the index and we may soon re-test the supports of 9800. The bank nifty will now face stiff resistance above 10200 levels, and if it manages to trade above these levels we may gain witness testing of 10400 and higher levels in coming days. The bank index is in an uptrend so any move below 10000 levels will negate the trend and open up lower levels in coming sessions. All eyes today will be on the GDP data which will set the intra day trend.
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