Bank Nifty breaches support at 11200 - Aditya Birla Money

Bank Nifty breached the support at 11200 and thus traded with weak bias towards 11000 levels as expected.

For the day resistance at 11100 is crucial; as long as it holds the index is likely to trade in a range bound manner between 11100 and 10800 with negative bias.

Only a decisive breach and sustenance above 11100 would lead to some positivity creeping in and lead to prices edging higher towards 11300 levels.

Daily momentum has turned negative while weekly momentum has turned flat at oversold zone; conflicting momentum on two time frames indicates choppy price behaviour could be witnessed.

Overall Bank Nifty is now testing the lower band of the rising channel at 10800 zone and thus some relief rally/ consolidation could be seen in the coming days.

Holding resistance at 11100, Bank Nifty is likely to trade in a range bound manner between 11100 and 10800 with negative bias.

Source : Equity Bulls

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