Sustaining above 10300 would enable Bank Nifty to rally - FINQUEST

After a weak opening, Bank Nifty drifted lower thus marking an intraday low at 10199 wherein prices took support. Index thereon reversed direction and steadily edged higher in the positive zone for brief period hitting the days high at 10372 but failed to sustain, finally settling the session down by ~46 pts at 10288.

Bank Nifty remained choppy thus forming a small candle. Index though edged higher but failed to sustain, witnessing close below 10300. Thus the view remains intact that sustenance above 10300 level would enable prices to surge higher towards 10500-10550. However failure to do so would continue consolidation between 10300-9900.

The supports for the day are at 10200 breach of which could take index lower towards 10100-10000 levels. Towards upside 10400 would act as resistance, above which could edge higher towards 10500-10550 levels.

Sustenance above 10300 would enable Bank Nifty to rally higher, else would consolidate with support at 10000-9900.

Source : Equity Bulls

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