We mentined on Friday that Nifty may turn weak on the back of bad news from banking sector and we closed in Nifty with little
loss.
Today Asian markets are trading weak and we also do not have any positive factor for positive opening so we are sure to see
negative opening.
Nifty is trading in an overall weaker zone and may show some support in lower levels of 5191 which is very crucial for it.
We must see a bounceback near or before this level in case of some weakness.
Although closing below it may push Nifty further lower to much lower levels.
BankNifty is in fact the lone culprit which is creating a lot of pressure on Nifty.
Nifty is getting strong gains from IT sector.
Since IT sector is showing gains from past week so we may see good profit booking in this sector as well.
BankNifty is trading below important 50 Day Exponential Moving Average which is placed at 8939 and is terribly weak here.
One must avoid banking stocks here.
Pivot 5247
Support 5234-5214-5191
Resistance 5271-5289-5301
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