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Below View on Bank Nifty 04 July 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index had an eventful session, with both bulls and bears participating. The price action formed a doji candle, indicating indecision in the market. During the first half of the session, the bulls dominated, leading to a positive move in the index. However, the bears took control in the last hour, resulting in some selling pressure. The immediate hurdle for the index is now at 45500, where call writing was observed. If the index manages to sustain above this level, it is likely to witness further upward momentum toward the target of 46000.
On the downside, the index finds support at 45000. This level coincides with the highest open interest on the put side, suggesting that it will act as a cushion for the bulls in case of any downward pressure.

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