Bank Nifty Outlook witnesses strong selling - Angel Broking

Yesterday, the Bank Nifty too opened lower and maintained its negative momentum seen during Monday's session. During the opening trade, the Bank Nifty violated Monday's low of 12017 and as a result, we witnessed a strong selling post the breach of the support. The Index then corrected more than 2% and precisely met with our target of 11854 mentioned in our previous report.

The Bank Nifty is now slightly below the '200 SMA' level of 11882. Hence, we are of the opinion that if index sustains below yesterday's low of 11795, then we may witness extended corrective move towards 11643. Conversely, yesterday's high of 12032 would act as resistance for the day.

Source : Equity Bulls

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