Bank Nifty Outlook - February 26, 2013 - Angel Broking

Yesterday, the Bank Nifty opened on a flat note and traded in a narrow range throughout the session. The bearish 'Head & Shoulder' pattern breakdown is still intact and the target of the said pattern is near to the 11600 level. Hence we reiterate our view that going forward, every rise from the current level should be considered as an opportunity to go short in Bank Nifty. The pattern will be negated only if the index trades above the 12486 level.

While the overall view remains negative, on the downside 11978 - 11826 levels may act as intraday support. On the upside, intraday resistance is at 12140 - 12264 levels.

Source : Equity Bulls

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