Banknifty August 3rd Week Analysis Nifty Bank IndexNSE:BANKNIFTYIshanMathur05Banknifty is looking stable after an extensive sell-off of the last 6 weeks, and we can expect it to resume its upside from the upcoming week. An important level to watch for upside momentum would be 55500-600. Once Banknifty surpasses and sustains above this range, we can expect short covering up to 56700+ . On the downside, if it breaks last week’s low, which is 55000, then we can expect a small retracement up to 54500-300.