In the last two trading sessions, we have seen a good upside rally in it. Bank Nifty bounced back sharply from lower levels and now trading around 35900 levels. Traders should keep an eye on 36100 levels as it looks trendy on the chart.
Look at the weekly chart, Bank Nifty has support at 34600—33900 and resistance at 36100.
Bank Nifty is already in a positive zone above 33000 levels. After a long consolidation, now it is in a position to breach the resistance level of 36100.
All eyes are on RBI policy which is scheduled on Friday. Also today there are so many results on the board.
Three consecutive closes + weekly close above 36100 will see a nonstop rally till 39000—41500 and then to 44000 levels in days to come.
You know very well that we are in buying zone from lower levels also recommended SBI hold long with stop loss below 400 on a closing basis. SBI is trading around 445 levels. Expect a good upside move in PSU stocks.
We are highly positive in the Banking stocks. Traders should concentrate on it.
Positional stop loss below 33900 on a closing basis.