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

The high beta index experienced a lackluster session. While prices began with a slight positive trend, the absence of follow-up buying led to a gradual decline in the first half. Subsequently, there was a slight improvement during the second half, but prices eventually closed with a minor loss of 0.13%, just below 45600.

The banking index underwent its third consecutive consolidation session. Prices managed to hold on to the key support of 20EMA, but the expected upward momentum from this support is still missing. As mentioned in the previous outlook, it appears that the market is awaiting a trigger, possibly traders are opting to keep positions light in anticipation of the key RBI policy announcement next week. In such a scenario, we should monitor key support levels at 45300 – 45200, while immediate resistance lies at 46000 – 46300. Price movements are expected to remain within this range, and any significant move in any direction will only occur upon breaking out of these specified levels.

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