Bank Nifty closes with loss of 0.31% - Angel Broking

On Friday, Bank Nifty opened on a flat note and yet again traded with extreme volatility throughout the session to close with a loss of 0.31%. The positive divergence in 'RSI' momentum oscillator on daily chart mentioned in our previous report is still intact hence fresh selling at current levels is not advisable. The index is now approaching the major support level of 11125.

Looking at placement of momentum oscillators on the daily and hourly chart and the strong support level we believe that the index is likely to bounce going forward. On the downside the level of 11125 is likely to act as support whereas the 11395 / 11416 levels are likely to act as resistance for the day.

Source : Equity Bulls

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