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INVESTMENT WORLD: Bank Nifty appears weak.

Business Line

| December 13, 2009 | COPYRIGHT 1999 Kasturi & Sons Ltd. (Hide copyright information)Copyright

from BUSINESS LINE, December 13, 2009 Bank Nifty (9,097.2): After touching its 52-week high recently, the index has been on a downtrend. The outlook appears negative as long as Bank Nifty stays below 9,575.

However, it finds immediate support at 8,750. A drop below that level (on a closing day basis) could weaken it sharply to 7,220. On the other hand, only a close above 9,575 would negate the downtrend. In that event, it could reach a high of 10,525. F&O Outlook The Bank Nifty futures have been witnessing a consistent unwinding of open interest positions along with fall in value, painting a negative picture. Among the options, 9,500 call and 9,000 put were the most …

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