Bank Nifty- Finally breaches 200EMA with a bullish candle
Bank nifty broke above 200EMA witha strong bullish candle and clsoed above it. FII 575cr and DII 1741cr strong buying support finally propelled bank nifty above 200EMA. Question is whether FIIs will continue to buy and will it sustain above 200EMA. The PCR at 0.97 is certainly encouraging sign from option writers who have a more balanced view (rather than a bearish view on bank nifty thus far).
Vix at 16.225 has dropped by 2% on 31st which should encourage investment from FIIs. Nifty has shown appreciable strength as well. Should the momentum carry we could see 100EMA as the next major resistance as 200EMA will act as a major support from here on.
Let us see how markets open on monday.
Vix at 16.225 has dropped by 2% on 31st which should encourage investment from FIIs. Nifty has shown appreciable strength as well. Should the momentum carry we could see 100EMA as the next major resistance as 200EMA will act as a major support from here on.
Let us see how markets open on monday.
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