Tech view: Nifty Bank can slip up to 3%; check out the key levels

The inability of the index to climb resistance levels of 31,000 and 31,350 may result in the index slipping lower towards its 100-DMA of 29,147.

Till Nifty Bank is trading above 39,200 levels, one can expect the positive trend to continue. The index is currently trading at 30,628 or 1.40 per cent of the most crucial short-term support of 30,200 levels. The recent trades suggest a reversal around the same levels with efforts to absorb all the selling pressure arising in the range of 30,800 – 31,000. Thereafter, the next resistance stays at 31,350 upon which a short covering rally may result in a new high.

The 30,200 level is nothing but a 50-day moving average (DMA) that has high significance for short-term trading. A