89 EMA provides support to Bank Nifty - Angel Broking

In-line with our benchmark indices, the Bank Nifty too opened quietly and immediately fell marginally below the daily '89 EMA' support level of 12270. As expected, this technical indicator provided a decent support for the index and eventually the index bounced back to close marginally above the '89 EMA'.

Considering the current daily candle, and the placement of the momentum oscillators, we can infer that if the Bank Nifty sustains above yesterday's high of 12347, then we may witness an intraday rally towards 12435 - 12521 levels.

On the flipside, we continue to maintain our stance that only a closing below 12188 may reinforce the negative momentum.

Source : Equity Bulls

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