Quote on Bank Nifty : The bulls successfully defended the lower levels and found support Says Kunal Shah, LKP Securities
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Below View on Bank Nifty 31 July 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The bulls successfully defended the lower levels and found support around the 20-day moving average (20DMA) positioned at 45400, suggesting their willingness to prevent further downside movements.On the other hand, the bears have been holding strong around the 45700-45800 zone, creating a significant resistance area. A break above this resistance zone would signal the bulls taking complete control and potentially lead the index to fresh all-time high levels.However, if the index breaks below the 45300 level, it may indicate further downside potential towards 45000-44700 levels, as the bears gain momentum and exert additional selling pressure.
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