Bank Nifty
Bank Nifty recovered after a gap down opening exactly from support levels mentioned in yesterday's blog. Now Bank Nifty has to sustain above 38100 for upward momentum to continue. Once Bank Nifty starts trading above it, Bank Nifty can go till 38300, 38500, 39000. Bank Nifty have a support at 37700, trading below it can lead to further weakness till 37000.
Nifty
Nifty has to sustain above 17200, for up move to continue till 17300. It has a support at 17040, trading below it can again lead Nifty towards 16800.
Stocks to watch out.
1. Axis Bank (LTP 773.85)
Axis Bank closed above 760, the previous resistance level, with heavy volumes. With next resistance at 850, and support at 740, Axis Bank can perform well in short term.
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