Bank Nifty likely to continue its upmore towards 10850-10950 - FINQUEST

Bank Nifty witnessed a firm opening and surged to hit an intraday high at 10871, but encountered resistance and thus plunged in red for brief period to mark days low at 10700. Index hereby rebounded and thereafter traded sideways in the positive zone, finally settling up by ~52 points at 10797.

Bank Nifty maintained its uptrend however formed a small bodied bullish candle. Going ahead, resistance on upmove is seen at 10950 levels (i.e. 200 dema as well as falling trendline formed by joining previous high). Thus going ahead, holding above 10700-10650 would enable prices to edge higher towards 10950, above which Bank Nifty could move towards 11200.

The supports for the day are at 10700 breach of which could take index lower towards 10600-10500 levels. Towards upside 10850 would act as resistance, above which could edge higher towards 10950-11000 levels.

Bank Nifty likely to continue its upmove towards 10850-10950.

Source : Equity Bulls

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