Bank Nifty- Will momentum take it to 38500?
Bank Nifty made a spectacular recovery from intraday lows to close higher than yesterday close to 38k. This despite some agressive selling by FII -6267cr but DIIs tried to support with a 2881cr buying. PCR at 0.82 is bearish view of option writers. Opening tomorrow is likely to be above the CPr, so CPR support could help banknifty ride to higher levels. 38458/38743/38832 are likely targets on upside move. Below 38k 37500 will act as a major support.
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