The simple trend line analysis of bank nifty suggest that counter is taking multiple support at 10000.
Till counter holds 10000 on closing basis, it is buy on dip with a very minor stop loss.
Since majority of the banks have given out their result and all the banks shows short term bottoming out formation due to better position on CAD front resulting in strengthening of rupee against dollar in short term.
Govt. has mopped up good fund in recent spectrum auction which is positive for rupee.
Recommendation: Buy bank nifty with stop below 9500 on closing basis for the target of 10500+ in fifteen days time frame.
Disclaimer- Clients holding position with this counter
The author professionally trades-invest in Indian equity market on behalf of clients with client consent.He has completed his MBA-Marketing from Gujarat University with CTA ( Certified Technical Analyst) from Innobuzz- India, and has been in the field of stock markets for the last six years. He guides clients for various investment-trading instruments viz. Equity, Commodity, Forex.
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