Bank Nifty holds low of 12300 - Aditya Birla Money

Bank Nifty traded with a positive bias holding the lows of 12300. With the resistance at 12450 breached the index could witness an up move towards 12580-12630 levels.

On the lower side support at 12400-12380 is crucial; any dips towards it are likely to find good support.

Daily momentum has given a positive crossover at over sold levels and is thus supporting the expectation of relief rally.

However in the larger picture since weekly momentum is declining any up move is likely to be of corrective nature and should be utilised for exiting longs and creating fresh short positions.

Only a decisive breach and sustenance below 12300 would negate the expected recovery pushing prices lower towards 12000 levels.

Bank Nifty seems likely to witness an up move towards 12550-12630 levels as long as support at 12300 holds.

Source : Equity Bulls

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