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Nifty index continued its positive momentum for third consecutive session and made a new life-time high of 12337 mark. It consolidated in the range of 50 points for most part of the session and formed a Bullish candle on daily scale. The up move was mainly led by decent rally in IT and FMCG space. Overall trend of the market is positive and supports are gradually shifting higher. Now, it has to continue to hold above 12220 -12250 levels for an up move towards 12400 then a fresh rally towards 12500 zones; while on the downside major support is seen at 12200 then 12150 levels.
Bank Nifty Daily
Bank Nifty formed an Inside Bar on daily scale as it moved within the trading territory of previous day session. It got stuck in narrow range of 250 points and relatively underperformed the benchmark index. The banking index have to cross its strong hurdle of 32500 – 32600 zone for extension in rally towards 33000 mark. While support is now placed at 31900 and 31500 levels. Overall chart structure of Bank Nifty is positive and thus, traders are advise to trade with positive bias till it holds above 31500 mark.
Bank Nity chart
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