Today banknifty gained 1.14% by closing @10625.65 mainly due to CRR cut by RBI. Among banking share SBI gained by 3.72% and HDFC bank was loser by 0.82%.
Banknifty opened gap up as expected technically in week end post that Banknifty has made Long Lower shedow candle twice in weekly chart which is interpreted as a bullish signal but it also requires follow up confirmation. Hence this week close is more important for further direction.
On downside banknifty has support near 10400 and on upside immediate resistance is 10635-55 and therafter banknifty may move upto 10900-11000 zone
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