Bank Nifty Outlook - (11434) - Angel Broking

The concluding session of the week started off on a high note in-line with our benchmark indices. However, we observed that Bank Nifty could not continue its early momentum and immediately slipped into a consolidation mode.

The hourly '89 EMA' level of 11520 acted as a strong resistance for the index. Hence, selling pressure near this resistance resulted in modest correction to end the session on muted note.

Going forward, only a sustainable move beyond Friday's high of 11530 would attract some buying interest among market participants. In this scenario, the index may rally towards 11590 / 11752. On the flipside, 11418 would act as a key support in coming trading session. A fall below 11418 may result in a further decline towards 11150 levels.

Source : Equity Bulls

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