The Banknifty Today opened in mild gap up and traded well in 11900+ level and the opening punch shown at 12000+level. From opening it was dragging down to 11800 level and in the afternoon session, fell sharply to 11700 level and broken earlier weekly low ema's.The closing of banknifty was weak.
The nifty was some what firm and sustained 5820+ levels as today happened to be the f&o closing..but in the end it fell down and closed weak.
On the coming session we expect more selling pressure in finance&bankning sectors.That may push down nifty and banknifty further down side.The banknifty almost last 7 session closed down to 50DMA and it may take support in 200DMA .The Housing corporate scam seems to be severe day after day when all comes to daylight the weakness may deepens.
