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Below View on Bank Nifty 21 July 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The index, BANKNIFTY, experienced a volatile trading session with both buying and selling pressure seen from market participants on both ends. This volatility indicates indecision in the market, and traders are closely monitoring the price movements.The option data suggests that the market may remain range-bound as there is significant option selling observed at the at-the-money (ATM) strikes. Option sellers often anticipate that the market will remain within a specific range during a certain period.The lower end support for BANKNIFTY is placed at 45900. If the index falls towards this level and holds, it may act as a support, preventing further downside. On the other hand, the upside resistance is visible at the 46350-46400 levels. If the index manages to surpass this resistance area, it could signal further upward movement.

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