9129-9005 levels to act as support for Bank Nifty during the day - Angel Broking

Yesterday, the Bank Nifty too opened marginally lower inline with benchmark index. Subsequently, sudden change in trader's sentiments pulled the index higher from the day's low. However, as compared to other major indices, Bank Nifty underperformed our benchmark index and somehow managed to close marginally in the positive territory. The overall price movement was very narrow and range bound.

Since there is no major change in chart structure and considering positive placement of oscillators, the possibility of further bounce cannot be ruled out if the index stays above 9374. In this scenario we are then likely to witness a rally towards 9425 - 9552 levels. On the other hand, 9129 – 9005 levels are expected to act as support during the day.

Source : Equity Bulls

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