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Below View on Bank Nifty 07 July 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index experienced selling pressure from the bears, leading to a correction throughout the day. This upper end movement by the bears suggests a potential reversal in the trend.The hurdle for the index is currently at 44500, where aggressive fresh call writing is observed. This level is expected to act as a resistance for further upside movement.The index broke below the support level of 45000, indicating a shift in the trend. However, a follow-up action is required to confirm and sustain the downward momentum.If the index manages to sustain below 45000 on a closing basis, it is likely to continue its downward momentum towards the levels of 44500 and 44200.

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