11535-11622 may act as supply zone for Bank Nifty - Angel Broking

On Friday, the banking index too opened with a downside gap of more than a percent. Throughout the session, the Banking index underperformed the Benchmark indices and finally closed with a loss of more than two percent. At this juncture, the Banking index has precisely closed above the 'Downward Sloping Trendline' (please refer exibit). Also, the index has closed tad above the '20 EMA' (11357), which can be treated as strong support. Going forward, 11216 -11107 levels may now act as a support zone for the index; whereas the gap area of 11535 - 11622 may now act as a supply zone for the Banking index.

Source : Equity Bulls

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