Bank Nifty Outlook - 12709 - Angel Broking

Yesterday, the Bank Nifty opened near the mentioned resistance level of 12838 and traded in a narrow range during the first half. However, in line with the broader markets, we witnessed substantial selling pressure in the index during the last hour of trade.

Similar to the charts of the Benchmark Indices, we are now witnessing a negative crossover in momentum oscillator "RSI" and "Stochastic" on the daily chart of the Bank Nifty. The effect of these technical indicators would be seen if the index sustains below yesterday's low of 12683.

In this scenario the index is likely to drift lower towards 12615 – 12580 levels. On the upside 12768 – 12802 levels are likely to act as resistance for the day.

Source : Equity Bulls

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