Well today was a volatile day for the markets where we say intensive selling during the mid day and buying right at the end of the day. Overall Bank Nifty closed negative with 84.2 points down (-0.5%). Nifty however did manage to close on the positive (More on Nifty Later).
As mentioned yesterday, the nearby support of 19127 was broken and prices went down till 18878.8 before reversing.
Now as per the charts 19300 should be the next resistance which should be tested, if Bank Nifty crosses it, we should look for much higher levels but I feel Bank Nifty is loosing its strength and the medium range trend remains negative.
If the resistance is not crossed we could look at heavy selling!