Bank Nifty closes on Wednesday at 11815 - Angel Broking

Yesterday, the Bank Nifty opened slightly lower but traded in a range throughout the session. At present, the Bank Nifty has closed marginally below the 61.8% Fibonacci retracement level of 11853. Further, similar to the benchmark indices, the current daily candle resembles a 'Spinning Top' pattern. Hence, only a sustainable move beyond yesterday's high of 11899 may attract intraday optimism. In this case the Bank Nifty may bounce towards the next resistance levels of 12032 - 12184.

Conversely, a breach of yesterday's low of 11732 would negate the pattern and the Bank Nifty then may correct towards 11590 / 11330. It must be noted that the overall chart structure of the Bank nifty is significantly weaker than the benchmark indices and selling pressure may intensify going forward in the next few sessions.

Source : Equity Bulls

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