Bank Nifty closes up - Angel Broking

Unlike our benchmark indices, the Bank Nifty opened on a quiet note and oscillated within a narrow trading range throughout the session. During the session, the Bank Nifty made a valiant attempt to move higher but faced strong resistance near the hourly '20 EMA'. At this juncture, the daily chart portrays a 'Narrow Range' body formation, which indicates hesitation to monetary commitments by the market participants.

Going forward, if index sustains above yesterday's high of 11326, then we may witness an intraday rally towards 11420 - 11518. Conversely, a breach of yesterday's low of 11107 would trigger pessimism in the market. In this case, the Bank Nifty may slide towards 11000 - 10888.

Source : Equity Bulls

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