Bank Nifty Outlook for Dec 27, 2012 - Angel Broking

Bank Nifty Outlook - (12479)

Yesterday, Bank Nifty opened on a flat note and a short covering rally during the second half led the index to close in the positive territory. The Bank Nifty is still trading within the mentioned range of 12568 - 12197 and only a breakout or breakdown from the range will dictate the direction of the trend. Within the mentioned range 12520 - 12568 levels are likely to act as resistance and 12392 - 12362 are likely to act as support for the day.

A move beyond 12568 will result in a "Flag" breakout on the daily chart and traders are advised to initiate fresh long positions if the Bank Nifty closes above this level.

Source : Equity Bulls

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