Bank Nifty settles down 391 points - FINQUEST

Bank Nifty witnessed a gap-down opening and thereon drifted steadily lower thus maintaining it downward trajectory marked an intra-day low 8842, finally settling down by ~391 points at 9703.

Bank Nifty drifted lower marking fresh 15 month low thus forming a bearish candle witnessing close near days low. The overall outlook remains negative on back of downward momentum. Going ahead, Bank Nifty requires moving above 8950-9000 for any recovery however holding below the same would keep sentiments weak for further downfall whereby support at lower side is seen at 8500-8450 level.

The supports for the day are at 8800 breach of which could take index lower towards 8700-8600 levels. Towards upside 9000 would act as resistance, above which could edge higher towards 9100-9200 levels.

Holding below 9000 would keep sentiments weak whereby support is seen at 8500-8450.

Source : Equity Bulls

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