BANKNIFTY FUTURES opened today on a flat note @ 11940 , which was almost the intraday low point of the day and immediately rallied to pass buy the 12000 mark. It consolidated in that area until the interest rate hike added fuel to the market and it rocketed to an life time and intraday high of 12246 , but met with some stiff selling pressure at this level finally closing the day @12030
BANKNIFTY FUTURES has been achieving the life time highs from pass few days and closing the day on a new high with extremely positive momentum. The charts looks highly over bough technically , but the positive momentum is driving the market to new highs, As mentioned the level of 12200 has acted as a resistance zone for now and if broken the levels of 12500 seems very achievable. On the downside the level of 11800 looks like an immediate support zone for now.
Our view on BankNifty is Bullish . With the positive momentum very intact ,any corrections should be treated as buying opportunity with appropriate stop loss.
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