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Below The Bank Nifty Write Up" by Sneha Seth, Derivatives Research Analyst, Angel One Ltd

After a mid-week holiday, we witnessed a gap-down opening around 43700. Following some initial hiccups, the index gradually moved northwards. However, it wasn't a convincing recovery as we could see in Nifty. Despite a couple of attempts, the index remained tentative around the vicinity of 44000 during the latter half of the day. Eventually, the high beta index settled in the red with a cut of four-tenth of a percent.

As highlighted in our earlier commentary, the banking index continues to be a spoilsport, because a strong recovery in banking stocks today could have pushed the benchmark index beyond the 19500 mark. Nevertheless, we've noticed modest buying interest after a weak start in two consecutive sessions, which is an encouraging sign. We remain hopeful and await a decisive close above 44000-44200, which also coincides with the 89 EMA on the daily chart. This development would undoubtedly restore confidence within the trader's community. As far as supports are concerned, 43500-43700 should provide cushion to any intraday blip in the forthcoming session.

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