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

The Indian equity market saw yet another week of consolidation, with the banking index being a notable underperformer recently. The week started on a cautious note, with tenderness observed between 44000 and 44200 levels. Interestingly, there wasn't any significant selling pressure either during the week; in fact, some resilience was evident at lower levels during the last two trading sessions. Eventually, we ended the fourth week with a decline, settling around 43850.

Technically speaking, no significant alterations were observed on the weekly basis as the index continued to trade within a confined range of merely 600 points i.e., 43600-44200. As of now, the Bank Nifty is oscillating around the 89 EMA on the daily chart and 20 EMA on the weekly chart, which coincides with the immediate support zone around 43500-43700. Currently, it is important to observe a decisive breakthrough above the range of 44000-44200 which would be an encouraging sign for Bulls after such time wise correction. Until this situation, the index is likely to remain in a consolidation phase, with 43500-43700 serving as a cushion against any intraday fluctuations.

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