Today, looking at the 1-day technical chart of Bank Nifty, it seems like the market is indicating that Bank Nifty is in an oversold condition and is currently consolidating, which could lead to a short-covering rally. Before the market opens, we can estimate that the support level for Bank Nifty is around 43,584. So, if banknifty index takes support here, it may reach 43,950 and 44,080. This suggests that Bank Nifty might start the day near 43,950 and will likely try to stay around that level. It will be important to observe if Bank Nifty manages to stay above 43,950, as this could lead to a breakout pattern, potentially pushing it towards 44,066 and then 44,172. However, we need to be cautious if Bank Nifty falls below 43,750, as this could trigger a breakdown pattern, potentially causing it to decline towards 43,500. It's fascinating how we can anticipate trends ahead of time and how patterns play out in the market.
Banknifty Fut range:-44375 to 43964
Banknifty Fut range:-44375 to 43964