Bank Nifty Outlook closes at 11067 on Wednesday - Angel Broking

Yesterday, the Bank Nifty too opened slightly higher in-line with our benchmark indices. However, unlike our benchmark indices, the Bank Nifty remained under pressure for most part of the session. At this juncture, the Bank Nifty is yet again placed near the lower end of the 'Downward Sloping Channel' (please refer exhibit 2) in hourly chart.

Going forward, considering yesterday's negative momentum, the Bank Nifty may slide towards the April lows of 10888, if it sustains below yesterday's low of 11033. On the flipside, 11262 - 11326 would act as a strong intraday resistance for the index.

Source : Equity Bulls

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