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Below View on Bank Nifty 26 July 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty Index is currently in a consolidation phase, displaying a lack of significant movements ahead of the FOMC meeting, suggesting market participants are waiting for the outcome before committing to a direction.The index has established a support level at 45600 and a resistance level at 46400. A break above the resistance or below the support on a closing basis could potentially trigger a trending move in the market.In summary, the Bank Nifty Index is undergoing consolidation ahead of the FOMC meeting. The support level at 45600 and resistance level at 46400 are crucial levels to watch, as a breakout on either side on a closing basis could lead to a decisive directional move in the index.

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