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

The session began positively for Bank Nifty, followed by a period of consolidation that had a bullish undertone. However, during the penultimate hour, prices suddenly took off in the NBFC space due to the piece of news flow with respect to the HDFC Twins merger. This buying momentum continued till the closing point, resulting in a gain of over a percent by reclaiming 44100 after June 07.

Bank Nifty finally seems to have woken up and if the momentum persists, we can see this recent slumber phase ending after a long time. Prices have now broken through a trend line resistance, confirming a breakout from a 'Descending Triangle' pattern on the hourly charts. Furthermore, the RSI Smoothened indicator, which was testing its median, has now generated a fresh buy signal along with its average line. After a consolidation period of over a month, we anticipate a sustained upward trend, making this high beta sector likely to outperform in the near term. Traders are advised to maintain a positive outlook and consider adding long positions during any minor intraday dips. In terms of support levels, immediate support is expected around 44000, followed by 43800. On the other hand, the resistance levels for the monthly expiry session are the all-time high at 44500, followed by 44700.

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