Bank Nifty settle up 18 points at 12289 - FINQUEST

Bank Nifty witnessed a choppy session whereby prices traded in a narrow range alternating between negative/ positive terrain marking an intraday low at 12196 while hitting an intraday high at 12347, finally settling up by ~18 points at 12289.

On daily chart, Bank Nifty made consecutive fourth lower highlower low candle pattern but witnessing a positive close. The overall view remains weak as long as prices trade below 12700. However going ahead support zone is seen around 12200-12150 (i.e. 50% retracement of rise from 10888-13414), holding above the same could enable prices to edge higher whereby on upmove resistance likely to be encountered around 12450-12500, if breached rally to continue towards 12650-12700.

The supports for the day are at 12200 breach of which could take index lower towards 12150-12100 levels. Towards upside 12350 would act as resistance, above which could edge higher towards 12450-12500 levels.

Source : Equity Bulls

Keywords