NIFTYBANK - BULLS AT SEA

Nifty bank bulls failed to hold and broke the 37900 area did go down but held on the broader market hitting support around the 17650 area. The canvass does not appear well for the bulls and the risk is they loose 37200 (vital) and may push towards 35500 area (not for the day though). In sum the bulls are capped by 38400 and risk towards 37200 as first target. A break below 37200 open move towards the 35400. Yesterday we did write first move to 37600 and then towards 37200. For the day stops for short 38300 for move towards 37100.