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

Bank Nifty had a mild positive start to the week, but there was no major traction as prices experienced choppy moves within a mere 200-points intraday range. The high beta index concluded the session without any significant change, closing at 44,837.

Technically, not much has changed, and prices are still in a consolidation phase. Traders seem to be cautious and keeping their positions light ahead of the RBI policy, anticipating a clearer direction after this event. Currently, prices are oscillating between two crucial averages,  50 SMA and 20EMA, and the next directional move is likely to occur once this range is broken. In such a scenario, the 50 SMA support is positioned around 44,700, followed by the key support level at last week's low of 44,300. On the other hand, the immediate hurdle is seen at 20 SMA at around 45,200 and a bearish gap approximately at 45,400.  Traders should keep a tab on the above levels ahead of the key event and trade accordingly.  One can also continue with the stock-specific action, however, they need to be very selective as follow up action is clearly missing.

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