Bank Nifty Write Up : In this scenario, immediate support is found at levels around 45000 to 44900 Says Mr. Rajesh Bhosale, Angel One
Below The Quote on "Bank Nifty Write Up" by Mr. Rajesh Bhosale, Technical Analyst at Angel One Ltd
The bank index had an impressive week. Initially, it traded within a range with some caution at higher levels. However, renewed buying interest on Thursday sparked enthusiasm in the broader markets, followed by further buying on Friday. The Bank Nifty closed the week with a 1.62% gain at 45156.
After more than three weeks of consolidation, we're finally seeing traction fortunately on the positive side. On the charts, Prices have broken through the key resistance zone after forming a base at crucial support levels, indicating a resumption of the primary uptrend. We anticipate this upward trend to persist in the short term, possibly pushing prices back towards the all-time high of around 46350 and beyond in the near term. Before reaching that level, intermediate resistance is seen around 45800 and 46000. Throughout the week, minor intraday declines were met with buying interest. Going ahead, traders should consider adding long positions on dips. In this scenario, immediate support is found at levels around 45000 to 44900.
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