Bank Nifty Outlook - 12759 - Angel Broking

Yesterday, Bank Nifty opened on a flat note and gained strength as the day progressed to close near day's high. We had mentioned in our previous report that the momentum oscillators on the hourly chart are placed in extreme oversold zone and a bounce in the index cannot be ruled out.


We reiterate our view that the index is likely to tade in the range of 12838 to 12442 and only a breakout or breakdown from the mentioned range will dictate the direction of the short term trend. A sustainable move above 12838 will enhance buying among market participants which would lead to a further rally towards 12902 - 12990 levels.

On the downside 12672 - 12644 levels are likely to act as support in coming trading session.

Source : Equity Bulls

Keywords