RBI has been sucking liquidity from the system and thus bank Nifty is under pressure due to the same. It has broken its long term support which existed at 11000 levels. As a strategy for day trading, one can go long in Nifty only once it starts trading above the level of 10551 with conviction and that too on weekly closing basis. On the negative side break of 10000 level indicates that it can fall to the level of 9500 level. Sustaining below 9500 means bank Nifty can fall to the levels of 8500.
The daily trend of bank nifty remains weak due to RBI actions to curb volatility and financial upheaval in global markets (US debt crisis). Though we know that US will never default on its debt crisis.
