Quote on Bank Nifty : The index has support at 43500, indicating a level where buyers have shown interest Says Kunal Shah, LKP Securities
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Below View on Bank Nifty 31 May 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index experienced selling pressure from bears during the first half of the trading session. However, buying activity was witnessed in the last hour of trading, driven by MSCI index rebalancing. The index has support at 43500, indicating a level where buyers have shown interest and the potential for a bounce-back. On the other hand, resistance is seen at 44500, which is a significant level where both put and call writing is visible. This suggests that there may be a considerable number of traders with bearish and bullish expectations around this price level.
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