Bank Nifty retests support zone of 12780 - Aditya Birla Money

Post opening, index faced resistance around 12900 levels & thus retested support zone of 12780 as advocated earlier. However during the day, it witnessed consolidation with a negative bias as it traded in a range of 12780-12900.

For the day, resistance lies at 12900-12930 zone & failure to cross & sustain above it can lead the index to retest support zone of 12700-12650.

However, a crossover above 12930 may fuel further momentum to the rally & would lead the index to higher levels of 13080/13150.

Daily momentum continues to be negative while the weekly momentum continues to be positive; Hence index is like to face stiff resistance & selling pressure from higher levels.

Source : Equity Bulls

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