Here's a look at the composite on the BankNifty for Dec and Jan.
What's interesting to note that as Nifty is near range highs for Jan, BankNifty is nearing range lows for Jan near 12610.
The composite for the month of Jan has a developing POC around 12840 and is the level for bulls to close above to regain momentum.Value areas (developing) are at 12880- 12735.
12570 from DEC is the lower POC and support on a closing basis.
If the market breaks 12570 then it will require an even bigger effort on the part of Buyers to put it at new highs for the year.
That being said, the next RBI meet at the end of the month has the capability of initializing large scale inventory changes which will make the month of FEB a more important month for this index.