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

The Bank Nifty began the week on a positive note, but shortly after the opening bell, prices dipped from their initial highs in the first hour of trading. This presented an opportunity for bulls, as prices gradually climbed higher throughout the rest of the day, retesting around morning highs. Eventually, the Bank Nifty ended with gains of 0.32%, just below the 44600 mark.

It was a relatively calm day for this high beta index, following the strong traction observed on Friday, as major action today was seen in the broader market. The subdued activity may be attributed to prices nearing the upper range of the recent consolidation phase, which is around the 44800 – 45000 range. This particular range will be closely monitored in the upcoming sessions, as a sustained move beyond it could signal a continuation of the uptrend where immediately 45600 – 45800 could be tested in the near term. The key highlight from today's trading session is the willingness of traders to buy into initial dips, and going ahead, it appears that any intraday dips in the coming session should be again considered as a buying opportunity. In such a scenario, the strong immediate support is noted around the 44300 – 44200 range.

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