Bank Nifty closes up 23 points at 11381 - FINQUEST

Amidst volatile session, Bank Nifty after witnessing a gap-up opening drifted lower in red and thereafter alternated widely between positive/ negative zone hitting an intraday high at 11454 while marking the days low at 11273, finally settling the session up by ~23 points at 11381.

Bank Nifty slipped lower thus closing the gap (i.e. 11367-11277) however witnessed a pull back forming a small bodied bearish candle. The view remains intact that immediate resistance is seen at 11400-11450 level, sustainable move above which would enable Bank Nifty to surge towards 11500-11600. However failure to do so would invite sideways movement whereby support is seen at 11250.

The supports for the day are at 11250 breach of which could take index lower towards 11150-11050 levels. Towards upside 11450 would act as resistance, above which could edge higher towards 11500-11600 levels.

Source : Equity Bulls

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