Nifty / Bank NIfty view

[Mayur Patel]

 

Bearish Island Gap on Bank Nifty Spot today @14919-14957. These gaps are difficult to take out. If this gap holds then 14350-14550 looks imminent. Below 14300, freefall till 13400-500 levels. A close abv 15000 spot, will tgt 15700-800. Although Nifty spot has close below its recent low of 7586, positive divergence on hourly charts show some hope of recovery. But this recovery shud be sold into. Nifty spot has broken the rising trendline since July & will now test the rising trendline since February @ 7440-7460. However, be below 7390, steep fall till 7150-7250 likely.