31800 acid test levels for bulls...

The overall index has been under performing since last two weeks. Mid Caps and small caps are outperforming the BankNifty . The RSI is into bullish range, so there is still no sign of weakness, this may just be a consolidation phase. The prices have taken support at an important pivot level, the candle formed is an indecisive one, we may expect bounce in the index above 31800 levels, this is an immediate resistance level in the short term. Above it 32600 & 33150 can be scaled in the coming weeks. However if Banknifty fails to maintain strength above 31800 it may correct further 31250 levels.

Bharat Jhunjhunwala

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