Bank Nifty holds support at 11970 - Aditya Birla Money

With the support at 11970 holding, Bank Nifty traded with a positive bias edging higher towards 12300 levels.

For the day support at 12180 is crucial; as long as prices are able to hold above it, the up move could extend towards 12300-12400 levels. While a breach below 12180 would lead to prices correcting lower towards 12000-11900 zone.

While the daily momentum is still rising, intraday has turned negative and thus could cap prices.

In the larger picture, with last week's price action Bank Nifty has formed a Bullish Engulfing pattern right at rising trend line support; thus recovering all the sharp losses of the prior week and once again validating the rising trend line. As long as this trend line holds true the uptrend is likely to stay intact. Follow through buying in the coming week would confirm the positivity.

For the day support at 12180 is crucial; as long as prices are able to hold above it, the up move could extend towards 12300-12400 levels. While a breach below 12180 would lead to prices correcting lower towards 12000-11900 zone.

Source : Equity Bulls

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