11793 to be hurdle for Bank Nifty - Angel Broking

Yesterday, the Bank Nifty too opened substantially lower in-line with our benchmark indices. However the index constituents such as SBI and Axis Bank attracted significant buying interest through the session. The daily chart of Bank Nifty depicts a 'Narrow Range' body formation. Hence, yesterday's high of 11793 would be the major hurdle for the bulls in coming trading session.

Going forward, if Bank Nifty stays above 11793 then we may witness an intraday rally towards 11899 - 12031 levels. On the flipside, a breach of yesterday's low of 11656 would trigger further pessimism in the index. In this case, Bank Nifty may correct towards the next support level of 11429.

Source : Equity Bulls

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