Nifty Private Bank index looks weak on charts; check key buying levels

Technical charts indicate a potential support zone between 22,510 and 22,350 for the Nifty Pvt Bank index

Nifty Financial Services Index
The Nifty Financial Services Index stands at 19,652.50, with a prevailing short-term upward trend. Amidst this, a healthy near-term correction has taken place, bringing the index in close proximity to vital support levels at 19,525 and 19,380. Presently, the index has found support at 19,525. However, in the event of a break below this level, swing traders are advised to consider accumulating the index and its constituents within the range of 19,525 to 19,380.

It's important to implement a strict stoploss at 19,200 on a closing basis to manage potential risks. For those employing this strategy, the short-term targets lie at 20,300 and 20,900. The approach here is to capitalize on opportunities presented by market dips, aiming to make purchases during these downturns. In essence, the Nifty Financial Services Index showcases a robust short-term upward trend, accompanied by a beneficial near-term correction. 

Nifty Pvt Banks Index

The Nifty Pvt Banks Index is currently positioned at 22,819.55, reflecting a prevailing downward trend in the near-term. However, the charts indicate a potential support zone projected between 22,510 and 22,350. Whenever the index operates within this specified range, it presents an opportunity for short-term investors and swing traders to consider accumulating the index and its components. The designated target for this strategy lies at 23,450 and 24,100. It's crucial to implement a stringent stoploss at 22,100, to effectively manage risk, particularly on a closing basis. An important consideration is the presence of the 100-EMA (Exponential Moving Average) at 22,406, which further reinforces the potential significance of the support range. 

====================

Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He doesn't hold any positions in the indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security.