Sell Bank Nifty on rallies - Aditya Birla Money

Another Bearish Belt hold pattern formed last week as the index gave a breakdown from Bearish Head and Shoulder pattern indicates that the index has hit major resistance in the short term.

Measuring implications of the pattern indicate further weakness towards 11600-11500 in the coming weeks.

Daily momentum has given a sell crossover after failing to breach past the upper end of bearish zone at 65. With Daily and weekly momentum now converging, the index is likely to witness sharp fall.

Any up move is likely to find resistance at 12150-12250 zone and should be utilised for creating fresh short positions.

Sell Bank Nifty at Cmp 12106 and on rallies to 12200 for a Target of 11800/11600 with stop placed above 12350.

Source : Equity Bulls

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