Bank Nifty to rally towards 12600 if sustains above 12475 - Angel Broking

Yesterday the Bank Nifty opened with half a percent downside gap but yet again managed to bounce back after trading marginally below the '89 EMA'. We are observing that the daily 'Stochastic' oscillator is now signaling a positive crossover.

Hence, considering hourly chart price action, we are of the opinion that if Bank Nifty sustains above yesterday's high of 12475, then we may witness an intraday rally towards 12600. This level coincides with the daily '20 EMA' and the hourly '89 EMA'.

On the flipside, yesterday's low of 12184 would act as a key support in the coming trading session.

Source : Equity Bulls

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