Bank Nifty - 11013 - Angel Broking

Yesterday, the index opened on a flat note and traded in a narrow range throughout the session. The spinning top candlestick pattern mentioned in our previous report has been negated as the index closed marginally below the 11021 level.

At this juncture traders are advised not to create fresh short positions as the risk - reward ratio remains unfavorable. Moreover the 'RSI - Smoothened' oscillator on the hourly chart is placed well inside the oversold territory and possibility of a bounce back in the index cannot be ruled out.

For the day 10970 - 10935 levels are likely to act as support and on the upside 11105 - 11168 levels are likely to act as resistance.

Source : Equity Bulls

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