Bank Nifty closes at 12380 levels - Aditya Birla Money

Bank Nifty traded with a positive bias initially and edged higher towards 12500 levels before witnessing a sharp fall towards 12380 levels.

For the day as long as support at 12325 holds the index is likely to trade in a range bound manner edging higher towards 12580-12630 levels.

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 12325 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 12325 holds.

Source : Equity Bulls

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