Bank Nifty closes at 11122 - Angel Broking

Yesterday, Bank Nifty opened on a positive note in line with our benchmark indices and found support at the trend line formed by joining the lows of December 24, 2012 and February 28, 2012 during the initial hour of trade. However, buying interest near this support trend line led the index to close in the positive territory.

We had mentioned in our previous that the 'RSI' momentum oscillator on the daily and hourly chart is showing positive divergence. Now we are witnessing positive crossover in 'RSI' momentum oscillator on the daily chart.

The effect of this technical this technical tool would be seen if the index sustains above yesterday's high of 11144. In this scenario the index is likely to rally towards 11250 - 11365. On the downside yesterday's low of 10888 is likely to act as support for the day.

Source : Equity Bulls

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