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The rise in covid cases and fear of another lockdown spooked the selling pressure in Banking and financial stocks. Bank Nifty is now trading below its 100 DMA which indicates furthermore bearishness in the near/short term. If Bank Nifty sustains below Rs 31,000 level then it may slide further towards Rs 30,650-30 200 level. However, on the higher side Rs 31,500 is likely to act as stiff resistance. Above Rs 31,500 we might see some buying comfort which could take Bank Nifty towards Rs 31,900-32,200. Rajesh Palviya, Head – Technical & Derivatives Research, Axis Securities Ltd
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via India Infoline
