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Below View on Bank Nifty 23 August 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

"The Bank Nifty index exhibited a powerful bullish resurgence, effectively overpowering the bearish sentiment. Notably, buying activity was observed in both private and public sector banks, showcasing strong confidence. The critical resistance at 44200 was convincingly breached, supported by substantial trading volumes, leading to an extension of the upward movement towards 44500.The overall market sentiment remains bullish, with the index poised for further gains. As long as the index sustains above the level of 44200, the trajectory is likely to continue upwards, potentially targeting the 45000 level. On the downside, a crucial support is situated at 44000, where significant put writing was evident on both the weekly and monthly expiries. This support level could act as a buffer against downward movements."

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