Quote on Bank Nifty : The index witnessed profit booking after a steep rally in the preceding days Says Kunal Shah, LKP Securities
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Below View on Bank Nifty 09 May 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The index witnessed profit booking after a steep rally in the preceding days, indicating that some traders were taking profits off the table. Support is at 42800, which is expected to act as a cushion for the bulls. This means that if the index falls to this level, buyers are expected to enter the market and push the price back up. Resistance is at 43500, which is a level that the index needs to surpass in order to reach an all-time high. If the price manages to break through this level, it could indicate a shift toward a bullish trend for the index.
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