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Below is Quote on Bank Nifty Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

The weekly expiry session began with a stable start, with prices consolidating around a key support level in the initial hour. However, as the day progressed, some influential stocks in this sector showed weakness, leading to a price correction that broke below the support levels. This downward movement had a cascading effect on the weekly expiry, resulting in further price correction throughout the session, ultimately closing with a loss of 1.24%, just above 43400.

The banking sector has been disappointing in the past few sessions, as it did not participate in the broader market rally. With today's price action, the short-term charts appear distorted. On the daily chart, prices have fallen below the 20-day exponential moving average (20ema), which had been a strong support level recently. This break below the 20ema does not bode well for the bullish sentiment. Considering today's bearish momentum, we may observe more weakness in the near future, with the next support level around the 50-day simple moving average (50sma) at around 43150, followed by the swing low of 42600 recorded in May. On the upside, the previous support level of 43700 - 43800 will now act as immediate resistance. Traders should take note that this recent weakness is merely a price correction, and the overall trend remains positive. Any further dips should be seen as buying opportunities.

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