Is Bank Nifty into Long time Downtrend?

niftyfuturetip.com

Indian Stock Market would open gap negative. Now, Indian Stock Market, especially banking sector, has entered into long-term negative trend where the upper limit is capped at 19740 levels for BankNifty.

It looks hard for BankNifty to breach those levels in upcoming few months whereas downside is open. Some short covering would definitely be seen but overall direction in next few months would be negative. Breaching levels of 16670 would force Bank Nifty to see 15950-15000 levels with a sharp long-term breakdown in the market and that would be a major one.

Long-term investors and traders to book profits at every positive movement in the market and should go short near 19000-19500 levels for BankNifty, if it comes. Most probably the breakdown would arise in next 2-5 months.

For now, market would consolidate and even see some positive movements. Short-term traders should consider closing levels of 17465 to go long. Long-term direction would still be negative.

FIIs were net sellers of Rs.551.19 crores whereas DIIs were net buyers of Rs.478.59 crores in last trading session.

Nifty would see strong support at 7927-7864-7770-7725 whereas strong resistance would be seen at 8060-8105-8200-8322 levels.

NSE Nifty: (7971) The support for the Nifty is 7927-7864-7770-7725 and the resistance to the up move is at 8060-8105-8200-8322 levels.

NSE BankNifty: (17147) The support for BankNifty is at 17060-16885-16670 and the resistance to the up move is at 17390-17520-17660-17870 levels.

BSE Sensex: (26283) The support for the Sensex is at 26140-25940-25700 and the resistance to the up move is at 26560-26730-26880 levels.