12040 - 12000 levels like to act as support for Bank Nifty - Angel Broking

Bank Nifty Outlook - (12165)

Yesterday, Bank Nifty opened on flat note and consolidated in a narrow range throughout the session to close with a minor loss of 0.32%. We had mentioned in our previous report that the momentum oscillators on the hourly chart are placed well inside the overbought territory and a minor pullback / consolidation cannot be ruled out.

As there is no major change on the chart structure we reiterate our view that the index is likely to consolidate further going forward.

On the upside 12241 - 12301 are likely to act as resistance and 12040 - 12000 levels are likely to act as support for the day.

Source : Equity Bulls

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