Bank Nifty's support at 12650 - Aditya Birla Money

Bank Nifty briefly breached the prior day's low only to bounce back sharply. Thus with lack of follow through selling the index is once again within the range it had breached on the downside.

Daily momentum has once again turned positive in the oversold zone while the weekly momentum continues to decline. Conflicting momentum on two time frames is likely to keep the price action choppy.

For the day the index could trade weak initially and consolidate the sharp up move seen in closing hours before witnessing further up move.

On the lower side support is placed at 12650 and then at 12600.On the higher side strong resistance is placed at 12825/12900 zone.

Source : Equity Bulls

Keywords