Bank Nifty: The index is ruling at crucial level. As long as it stays above 12,105, it has the potential to breach its previous high of 13,270. It finds immediate resistance at 12,745, which is very close to current levels. However, the support is slightly far off at 12,350.
F&O pointers: The Bank Nifty January futures witnessed unwinding of long positions, while the February series saw accumulation on the long side. Option trading in current series indicates a slightly positive view, as both call and put accumulated open interest positions, and the accumulation is on the higher side in the put options.