Bank Nifty edges higher towards 11600 zone - Aditya Birla Money

Bank Nifty traded with a positive bias edging higher towards 11600 zone. For the day, resistance at 11600 zone is crucial; failure to breach past would lead to the index correcting the run up of last 3 days towards 11350-11300. On the lower side breach of support at 11500 would be first sign of weakness creeping in.

If however the index is able to breach and sustain above 11600, the ongoing rally could extend towards 11800 levels.

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

Strong resistance at 11600 zone; breach and sustenance would lead to up move continuing towards 11800 whereas failure to sustain would lead to selling pressure creeping in pushing prices lower towards 11350-11300.

Source : Equity Bulls

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