Bank Nifty witnesses sharp relief rally - Aditya Birla Money

Bank Nifty witnessed a sharp relief rally as expected with support at 11050 holding. The index successfully tested the lower band of the falling channel at 11100 and bounced back sharply to close the week forming a Bullish Hammer.

Thus in the coming week, the index seems likely to trade with a positive bias edging higher towards 11550-11650 levels.

Daily momentum too has given a positive crossover from oversold zone indicating that any fall now is likely to witness good buying interest.

Dips if any is likely to find support at 11250-11200 zone. Only a decisive breach and close below 11000 would negate the expectation of consolidation turning the sentiment negative towards 10500 levels.

Bank Nifty is likely to trade in range bound manner with positive bias between 11100 and 11600 in the coming weeks.

Source : Equity Bulls

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