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Below is Quote on Daily Market Wrap Up By Mr. Rajesh Bhosale,Technical Analyst, Angel One Ltd

Bank Nifty had a positive start for the week, despite experiencing some minor intraday dips. The undertone remained positive, though the session was relatively subdued for this high beta index. By the end of the day, prices managed to gain about 0.40%, closing a tad above 45650.

Observing the daily chart, there’s no major negative developments following Thursday's sell-off, and prices are holding on to the crucial support of 20-EMA. Presently, this prominent heavyweight index is undergoing a consolidation phase and may likely continue in this pattern leading up to the RBI policy announcement next week. The support level to watch is around 45300 – 45200, while immediate resistance is anticipated between 46000 – 46300. For traders, a favourable strategy would involve buying during dips and taking profits at higher levels. A significant directional move is expected only upon a breakout from this range.

Despite the relative quietness in the key indices, there has been noteworthy stock-specific action within this category. Traders are encouraged to identify potential performers that may provide opportunities to outperform key indices.

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