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

Bank Nifty initiated the monthly expiry session on Wednesday with a positive start following the strong momentum from Tuesday. However, there was a brief decline during the initial trades. The market had regained optimism as the benchmark index reached a new high, leading to the dip being bought into, retesting morning highs, and establishing a fresh all-time high above 44500. Towards the end of the session, there was some volatility related to the expiry, resulting in Bank Index ending with gains of approximately 0.47%, slightly above the 44300 level.

As mentioned in our previous outlook, the high beta index has regained positive momentum, entering uncharted territory after a consolidation period of over a month. We anticipate this northward move to continue, with this sector likely to outperform. The RSI smoothened indicator is currently in the positive zone and well away from the overbought region, indicating potential further room for an upside in the near term. Traders are hence advised to maintain a positive bias and view any declines as opportunities to buy. In terms of levels, the previous resistance in the range of 44200 – 44000 is expected to act as immediate support, while the immediate target for the near term should be considered at 45000 – 45200.

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