Technical outlook:
Bank nifty daily chart has formed “Rising wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance holding at 31100. The upside rally could be testing all the way up to 31300-31450 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 30600 level. Key support holds at 30600.
Research Report Call:
Buy above 31100 target 31300-31450 stop loss 30900; Sell below 30900 target 30600 stop loss 31100