Nifty and BankNifty traded in a narrow range on Friday.
Nifty seems to be forming a triangle in 15 Mins time frame. The breakout for upside can be above 11950 and for downside can be 11920.
Option chain suggests that 12000 is a High Resistance zone, which if it breakouts, it can easily for more 150/200 Points. And the supports seem to be at 11900/11800.
RSI seems to be bullish on 1HR as neutral on 15 Mins time frame. There is a bearish MACD divergence in 1 Hr time frame while consolidation seems to be almost in the end and a breakout can give a good move.
BankNifty also formed a triangle in 15 mins time frame.
Option chain suggests 25000 as resistance and 24000 as support.
BankNifty hasn’t moved as much as Nifty on the upside and it would be possible than bank nifty can contribute a lot in moving nifty upwards.
For Banknifty 24600 can be a breakout in chart patterns for the bullish move and 24400 can be for a bearish move.