NSE:BANKNIFTY Index is managed to close above 54000 level if this support is broken then further downside moment expected. On the upside, any gap up or relief moment is expected to be ceased as long as crude is above USD 100 which is currently hovering above USD 115 per barrel. The upward moment may lead the Index to 55000 – 55100 resistance range in upward momentum and if the index crosses and sustains above this level then may reach near 55700 – 55800 range. On the contrary, the downward moment may drag the Index to 53600 – 53500 support range in downward momentum and if this support is broken then the index may tank near the 52900 – 52800 range.
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