Bank Nifty Outlook for 10-Sep-2017(Monday)---Strong Buy
We feel Bank Nifty has bottomed out near 27200 levels for short term at lest.
Last 3 days of candles similar to Hammer formations confirms that there is strong support for the stock in these levels, shorter tried hard to push index down but failed to do so, which lead to short covering.
Now Shorter will be demotivated to short the index again after 3 failures, so we expect a good upside here.
What we can do
Buy at current levels
Stop loss 27300
Target 27700/27900
We feel Bank Nifty has bottomed out near 27200 levels for short term at lest.
Last 3 days of candles similar to Hammer formations confirms that there is strong support for the stock in these levels, shorter tried hard to push index down but failed to do so, which lead to short covering.
Now Shorter will be demotivated to short the index again after 3 failures, so we expect a good upside here.
What we can do
Buy at current levels
Stop loss 27300
Target 27700/27900