This week Nifty Bank tested the level of 17100, tested earlier on 3rd April. Positive crossover of Stochastics on the hourly chart gives a clear signal to go long (or unwind shorts) for a short pullback towards 18250 odd levels in the coming week. However, the long view is negated if the index fails to sustain above 17800-18000 levels. On the down side, 16100, low made on 24th March, is the level to be tested if 17000 gets taken out.
Trade closed: target reached:
Nifty Bank has taken out its immediate resistance of 18200 rather quite easily. The same should act as support in the near term.