NIFTYBANK - SEARCHING FOR SUPPORT

Nifty bank held the first assault around the 37900 and closed tad above 38000. However, the weight of the evidence still not suggesting the downward pressure is abating. With weekly expiry one needs to see if what is in store. 38300 clearly is the supply zone while 37300 attracts. Both these levels are supported by large bull and bear candles for the rage (see the chart marked in Triangle). Thus the softer tone below 38300-350 holds for lower levels first 37600 and then 37200.