31450 levels will serve as a strong support to the index....

Finally a eventful week ends. This week made trading the most difficult task. Price actions were impacted by the tensions between Middle East and US. In the end the indices did manage to sustain most of the losses that were made by the attack news. The last candle on bank nifty was undeceive though the weekly close resulted into a hammer .31450 levels will serve as a strong support to the index, if bank nifty sustains above this then 32460 – 32860 seems to be eminent targets. A move above 32200 will assure the above levels. However a failure to keep up above this level may result into a pullback to 31450. The MACD is into the bullish zone while RSI is neutral with bullish bias.
Bharat Jhunjhunwala