Bank Nifty tests hourly 20-EMA - Angel Broking

Yesterday, the Bank Nifty too opened on a flat note, inline with our benchmark indices. During the first half, the index managed to bounce and test the hourly '20-EMA' level of 12530. This level almost coincides with yesterday's high of 12521. As expected strong selling pressure was seen near this resistance level which dragged the Bank Nifty lower by 2% from the day's high.

At present, looking at the daily chart, it is clearly seen that the Bank Nifty has precisely tested the strong support of '89-EMA'. Hence, going forward, any sustainable move below yesterday's low of 12252 would trigger strong pessimism. In this scenario, the index may slide towards 12188 - 12150 levels.

On the upside, yesterday's high of 12521 would act as an immediate resistance in the coming trading session.

Source : Equity Bulls

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