0During last week, Bank Nifty index witnessed some correction in the initial couple of days. During mid-week, the index witnessed an up movement but it faced resistance around 32000- 32200 and then its corrected in the end of the week to end with a weekly loss of 1.89 percent. During the end of the weak, the Bank Nifty too witnessed some selling pressure as the broader markets witnessed a sharp correction. The index has ended near its '20 DEMA ; support and hence it would be good to see how its behaves around this support. The immediate resistance for the index is seen around 31500-31650 range and the index needs to surpass this to resume its momentum. A failure to do so could result into some further correction towards 31050 and 30800. However, the broader trend continues to be positive and this downmove should be seen as a correction within an uptrend which would provide good opportunities for positional traders to buy on dips. As of now, swing traders are advised to keep a wait and watch approach and look for developments as per above mentioned probabilities .
