Bank Nifty jumped in the last hour of trade

The Bank Nifty jumped in the last hour of trade. In this kind of market, the index still failed to get pass the 18,400 mark. Despite this, there is a strong intra buy calls generated in the last 45-50 minutes of the trade. My sense is that in case Bank Nifty can show momentum in the next coming few days, then there could be some kind of stronger short coverings happening over here.Let us not forget that the Nifty remains extremely oversold on intraday charts.I would wait for Bank Nifty to start getting past 18,400. If it does, then expect further gains of 300-350 points on the index that, in turn, would affect Nifty.That may propel short coverings in a lot of stock. The level actually to watch on the Nifty would be around 8,300 to about 8,310. This is where the last couple of bounce backs ended. Nifty might actually give you a 120-point kind of pullback.

 

To Know More For Nifty Updates Click - Free Nifty Tips