The Bank nifty witnessed a negative opening to the session, the index traded volatile in a small range and closed the day with losses testing supports of 10000 in the process. A small recovery in the final hours did not help the index, and the index closed the session with losses of more than one percent. 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 10000 will 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. Some consolidation may be seen at current levels in the banking index.(view maintained)
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