Bank Nifty indicates a resistance at 10092 on weekly charts and a sharp reversal from the level indicates it is in retracement mode. 9880 close below the trend will get weaker to test to the levels of 9500 and 9385 in coming days.
SBI will be weak on trading below 2020. A close below the same should be the good opportunity to short sell. One could also look to short the counter below 5220 on Nifty with
the stop loss of 2020 on cash levels.
AXIS - 1070 below the stock will retrace to 1000 levels.
ICICIBANK - 890 below will retrace to 835 levels.
KOTAKBANK - With 535 as a tough resistance, the stock could head for 465 levels on break below 500.
PNB - Weak below 930.
Preferred trade will be on the close below the levels, alternatively traders can look to shorts on Nifty spot trading below 5220 and Bank Nifty trading below 9800.
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Thanks and Regards
Rohit Saxena
Losers say it is hard and impossible, but winners say it is hard but not impossible." Rohit Saxena
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