Bank Nifty encounters resistance at 10451 - FINQUEST

Bank Nifty witnessed a firm gap-up opening and surged but encountered resistance at 10451 thus coming off from days high. Index thereafter steadily drifted lower marking an intraday low at 10090, finally settling the session up by ~59 pts at 10141.

Bank Nifty traded weak through the day thus forming a bearish candle witnessing close near days low. For the coming session, 10250 would act as resistance, sustainable move above which would enable index to edge higher towards 10500-10550. However failure to do so would invite consolidation moves with immediate support seen at 10000-9900.

The supports for the day are at 10000 breach of which could take index lower towards 9900-9800 levels. Towards upside 10250 would act as resistance, above which could edge higher towards 10350-10450 levels.

Breach above 10300 would enable Bank Nifty to rally higher, else would remain subdued with support at 10000-9900.

Source : Equity Bulls

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