Resistance to upmove in Bank Nifty is seen at 11750 - FINQUEST

Bank Nifty after witnessing a gap-down opening at start of the week, plunged further marking an intra-week low at 11176, wherein prices took support. Index hereon rebounded and edged higher hitting fresh intra-week high of 11743, finally settling the week up by ~2.5% at 11722.

On weekly charts, Bank Nifty formed a bullish candle witnessing close near the weekly high. However going ahead resistance on upmove is seen at 11750 level, sustainable move above which would enable Bank Nifty to witness further upmove towards 12000.

On flip side failure to do so would push index lower whereby immediate support is seen between 11550-11500 zone.

The supports for the day are at 11650 breach of which could take index lower towards 11550-11500 levels. Towards upside 11750 would act as resistance, above which could edge higher towards 11850-12000 levels.

Resistance on upmove is seen at 11750, sustainable move above which would enable Bank Nifty to edge higher towards 12000.

Source : Equity Bulls

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