Quote on Bank Nifty : The Bank Nifty index is currently experiencing continued dominance from bears as selling pressure persists from higher levels Says Kunal Shah, LKP Securities
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Below View on Bank Nifty 11 July 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index is currently experiencing continued dominance from bears as selling pressure persists from higher levels. The index is facing a strong resistance zone at 45200, which has proven difficult to surpass.At present, the index is trading near a crucial support zone of 44800-44750. If this support zone is breached, it is likely to lead to further downside movement towards the 20-day moving average (20DMA), which is positioned at the 44500-44000 range.The Bank Nifty index has been trading within a broad range of 44500-45500. In such a range-bound scenario, it is advisable for traders to utilize opportunities presented by both the upside and downside movements.
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