Bank Nifty - Coiling up for an explosive action

Much like Nifty, this index also survived our support area mentioned in yesterday’s note around 19500-19525 and in-fact made the low for the day exactly in the middle of the mentioned support range. The value area around 20700-20750 is proving to be tough nut to crack for the index and hence the auction process is hinting that these are immediate barriers which the index needs to get past before getting into a trended move.