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Published on 12/08/2020 9:32:03 AM | Source: Motilal Oswal Financial Services Ltd

Bank Nifty opened positive and remained consolidative for most part of the session - Motilal Oswal

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Nifty Outlook

Nifty index opened gap up above immediate hurdle of 11300 zones and headed towards 11373 levels. However it remained range bound for most part of the session as it traded in range of 50 points. It closed above 11300 zones and has been making higher lows from last six trading sessions which indicates overall bullish stance. Technically, it formed a Doji candle on daily scale which indicates absence of follow up action at key resistance zones. Now, it has to continue to hold above 11200 zones to witness an up move towards 11500 and higher zones while on the downside support exists at 11200 then 11150 zones.

 

Bank Nifty Outlook

Bank Nifty opened positive and remained consolidative for most part of the session with its up move towards 22250 zones. It relatively outperformed the benchmark index and formed a Bullish Candle on daily scale. Mechanical indicators have given a bullish crossover and requires a follow up buying to confirm the next momentum. Now it has to hold above 22000 zones, to witness an up move towards 22500 then 22750 zones while on the downside immediate support is seen at 21750 then 21500 zones.

 

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