Bank Nifty breaches resistance at 11350 - Aditya Birla Money

Unlike Nifty, Bank Nifty traded with positive bias as it breached the resistance at 11350 to edge higher towards 11450 before closing marginally lower at 11390.

For the day, support at 11350 is crucial; as long as it holds the index could trade with a positive bias edging higher towards 11650-11700 levels.

Whereas on the other hand a breach below 11350 would invite selling pressure pushing prices lower towards 11200-11150.

While the daily momentum has been rising, weekly momentum has given a positive crossover at deep oversold zone. With both daily and weekly momentum converging the index is likely to trade with positive bias in the coming weeks.

Support at 11350 crucial; holding the same uptrend could continue towards 11550-11600 whereas a breach would lead to fall towards 11200-11150 levels.

Source : Equity Bulls

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