BANKNIFTY FUTURES opened today on a positive note ,up by approx 90 points @ 12352 as expected due to the positive cues from US , Europe and Asian markets. It tried to rally in the opening session but met with selling pressure @ 12400 making the same as intraday high and slowly glided down towards the 12250 area as the day progressed. It made an intraday low of 12250 and closed the session @ 12275.
BANKNIFTY FUTURES has out performed the other indexes by huge margin and is still showing good positive momentum . It seems to be consolidating in the range of 12200-12400 from pass couple of sessions. On the upside the levels of 12500 and 12800 may act as a good resistance zones and on down side we may witness a buying coming in @ 12000 and 11800 zones.
Our view on Bank Nifty is Bullish . Any dips in the market towards the 12000 zone can be treated as buying opportunity with proper stop loss.
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