Boult2100

BankNifty - Strong resistance at 19150-275

NSE:BANKNIFTY   NIFTY BANK
3
BankNifty has strong resistance in the zone of 19150-19275. We booked profits, will enter again on dips. As we can see in the chart above that weekly downward sloping line has lowered it by 40-50 points, earlier it was 19200. Today is expiry it could be volatile so be careful. Looking at components of banknifty , not much room for upside at this juncture. Results of another heavyweights, ICICI bank (on 31st Jan) & SBI , later will decide when BankNifty will breakout above 19275. Till then move should be side ways in 19000-19275 zone.
Comment: Went out to touch final resistance 19275 (19267). Wait on the sidelines.