#2 BankNifty Update: Be ready for a take-off to 12300
BankNifty seems to be ahead of Nifty of signalling a buy call. Bank Nifty has technically taken a strong support of 61.8% of the previous rally and bounced back yesterday to a runway for flight towards 12300 in near term. But still indicators are not ready for take off and we need some confirmation from their side. On other hand index is hovering around once a resistance line which could act as a support line further. Short term moving averages are clustered around 10000 level. Currently we are biased towards upperside for the index.
Our Strategy: We recommend risk takers to go long with sl of 9580 while SAFE Traders are recommended to go long ABOVE 10032 with tgts of 10600/11200/12300 SL:9815