Similarly like Nifty
the banking index also took support at the last extreme levels established by us at 22900 and bounced back. Individual banking stocks were battered down. Though we have a bullish
candle formation – piercing pattern on the daily charts
, the resistance weighs more. 25700, 26750 & 28250 are immediate resistance levels, price action needs to be studied when Bank nifty
approaches these levels. On the downside if the index breaks 22900 then 20300 may provide minor support. Banknifty
is also into sell on rise course as of now. The momentum indicators like RSI
are not providing any cues.