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

The bears maintained their dominance throughout the eventful week, as the high beta index extended its losing streak for the third consecutive week. The week began with prices trading within a narrow range, but the bears gained momentum following the RBI policy announcement on Thursday. Prices slid further on Friday, resulting in a 1.52% cut from its previous week's closing. The week eventually concluded around the 44200 level.

The Bank Nifty has wiped out over 2000 points from its all-time high levels, breaching intermediate support quite effortlessly. The prices have now fallen below their key support of the 50 EMA, which previously served as a strong pivotal point for bullish reversals. The upcoming crucial support to monitor is the 89EMA around 44100 – 44000 levels, coinciding with the weekly swing high. This level marks an ideal point for bulls to attempt regaining momentum; however, a breach below it might trigger further weakness in the near term towards 43500 – 43300 levels. On the flip side, we observe hurdles at regular intervals, and for a bullish confirmation to materialize, prices must conclusively close above this week's high, surpassing the 45100 mark with conviction, as this level also aligns with the 20EMA. Prior to that, the range of 44600 – 44800 could be seen as immediate resistance. Given that a significant event has passed and it's a truncated trading week, index movements may remain subdued. It would be prudent to meticulously monitor the aforementioned levels to discern the next noteworthy market movement.

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