BANKNIFTY [12/01] - Likely a flat day

SGX stands flat to negative with 20 odd points. The market might very well open flat with a positive or negative bias. However, USD seems likely to go down a little today which might mean that the index might take support around 31800 again today and bounce a little. 32200-32300 will prove to be a hurdle. Any weakness witnessed there should be used to short the index.

Note:- A breach of 31800 will lead to a correction, swift or slow, towards 31510 – 31020 – 30900.