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Quote on Bank Nifty : The Bank Nifty experienced a breakthrough as it opened above its robust resistance level of 44,500 Says Rupak De, LKP Securities
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Below View on Bank Nifty 30 June 2023 By Rupak De, Senior Technical Analyst at LKP Securities
The Bank Nifty experienced a breakthrough as it opened above its robust resistance level of 44,500. The index has been posting gains for three days in a row. The Relative Strength Index (RSI) indicates strong momentum and a bullish sentiment in the index. On the weekly chart, the index has given a downwards consolidation breakout, suggesting a rise in optimism. Therefore, the trend looks positive for the short term. Immediate support is visible at 44,500 where Put writers have added significantly in the open interest; while the 45,000 strike price has the highest open interest in calls, which suggests that Bank Nifty may encounter some resistance at that level.
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