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
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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