Bank Nifty Closed Above 100 SMA

Bank Nifty opened gap up by 150 points at 25450 levels today and went on to make a high of 25721 levels. The index has taken support of the 24800 levels, and has today closed above the 100 SMA mark of 25479. Bank Nifty now currently has closed at 25687 which is close to the 50 SMA mark of 25893. But if we see in the daily timeframe of the chart 25800 – 26000 is a resistance zone, so there is a higher possibility that either the index might come to a range and see a profit booking or else it might give a breakout.

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