Bank Nifty Outlook - Angel Broking

Yesterday, Bank Nifty opened on a flat note and traded in a narrow range throughout the session. We are now witnessing a 'Inside day' candlestick pattern on the daily chart. The mentioned pattern is a reversal pattern but requires confirmation in the form of a close above the 12390 level.

As there is no major change in the chart structure we reiterate that the primary bias remains negative but the consolidation phase which started yesterday, may continue in today's session.

On the upside 12390 - 12475 levels are likely to act as resistance levels and 12230 - 12197 levels are likely to act support for the day.

Source : Equity Bulls

Keywords