Nifty, Bank Nifty Update - Angel Broking

During yesterday's session, indices witnessed lackluster and range bound activity. As there is no major change seen in the chart structure. Hence, we reiterate our view that any sustainable move below 19149 / 5823 would reinforce significant negative momentum in the market. In this scenario, we may witness a corrective move towards 19000 - 18870 / 5800 - 5735 levels. On the flipside, this week's high of 19723 / 5970 continues to act as strong resistance.

Yesterday, in line with the benchmark Indices, Bank Nifty too opened on a flat note and traded in a narrow range throughout the session to close near the initial opening level. As there is no major change in the chart structure we reiterate our view that a breach of 12245 level would drag the index lower towards 12043 - 12000 levels. On the upside a move above yesterday's high of 12400 would enhance buying interest among market participants and then the index is likely to rally towards 12440 - 12486 levels.

Source : Equity Bulls

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