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Bank nifty has taken support at 11650 level and taken reversal from this level, but as per our view 12050 looking very important level now to confirm this reversal, if BANK NIFTY able to move and close above this level for 2 days continued then only we can see bank nifty moving till 13000-13700 range in coming days.
For down side important support level is 11650 now, below that its having immediate support at 11200 level which look like long term support range, and if bank nifty able to close below 11200 level for 2days then we can see almost 1000-2000 points fall in coming days.
So as per our view if bank nifty able to confirm its reversal by closing above 12050 level for two days then only we can think to take long positions, but if it’s not confirming reversal then will try to seek support at 11200 level which is looking to be long term support only below this level we can expect some major fall.
