Bank Nifty tests 10000 zone - Aditya Birla Money Limited

Bank Nifty opened with a downside gap testing the 10000 zone; however was able to hold above the rising trend line support and thus witnessed an up move towards 10400 levels.

For the day support at 10300 zone is crucial; as long as it holds the index could continue its up move and test 10500-10550 zone.

While if the support at 10300 is breached, the index could correct lower towards 10200-10150 zone.

Daily momentum is rising and is now in sync with the rising weekly momentum. Convergence of momentum on two timeframes is sign of strength and is thus likely to underpin prices.

Support at 10300 zone crucial; holding the same the index could witness an up move towards 10500-10550 where as a breach below would lead to fall towards 10150.

Source : Equity Bulls

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