Nifty Bank closed above 19000 quite decisively towards the end of this week confirming the pullback rally from 17140. Bulls have a higher ground of taking the index further up to 20000-20150 odd levels once it breaches a minor resistance at 19450-19500. However, the index could slip to 18250 odd levels in case 18700 is breached on the downside. In case the index moves into consolidation in the coming week, one can look at 19500-18700 range for intraday/swing trades.
Trade closed: target reached:
Nifty Bank, rather unexpectedly, went straight up to 20160 without a pause underlining the strength. However, one should remain cautious and can short from these levels for a target of around 19500 in the near term in anticipation of some profit booking.