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Below The Quote on "Bank Nifty Write Up" by Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd

The week began cautiously for Bank Nifty, with marginal gains in the initial two days. However, Wednesday saw strong positive movement, rekindling broader market optimism that persisted into the beginning of the weekly expiry session. The latter part of the week witnessed profit booking, which continued on Friday, but some buying at lower levels helped prices finish the week with a gain of 0.87%, closing at 44231.

Bank Nifty's performance varied over the week, but it managed to break its four-week losing streak and demonstrated relatively better performance compared to the benchmark index. The price range seems to have entered a consolidation phase, with the base slightly shifting upward with buying interest seen at lower levels. Immediate support is noted around 43800 – 43600, while immediate resistance is seen at 44500 – 44800. Notably, 45000 acted as a strong barrier throughout the August month, and breaking this level convincingly could only trigger positive momentum. Key heavyweights exhibit inherent strength, and a fresh buy signal is evident in the RSI smoothened indicator, fostering optimism. Expectations are for dips during the monthly expiry week to likely attract buying interest. Traders are hence advised to monitor the provided levels and trade accordingly.

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