IGI Logo

Below View on Bank Nifty 14 June 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The BANK Nifty index is currently in a phase of sideways consolidation as market participants await the Federal Reserve (Fed) policy announcement. This consolidation indicates a lack of a clear directional bias in the market.On the downside, the index has a support level at 43700, which has held during the consolidation phase and can act as a potential floor for prices. On the upside, the index faces resistance around the 44300 level, which has limited the upward movement.Traders and investors are closely watching for a break on either side of this consolidation range. A breakout above the resistance level of 44300 could signal a bullish move and potentially lead to a trending upward movement. Conversely, a breakdown below the support level of 43700 could trigger a bearish move and lead to a trending downward movement.

Above views are of the author and not of the website kindly read disclaimer