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Below View on Bank Nifty 05 June 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The BANK NIFTY index lackluster movement ahead of the RBI (Reserve Bank of India) policy announcement, suggests that market participants were cautious and waiting for guidance from the central bank. The HDFC twins, likely referring to HDFC Bank and HDFC Limited, had a negative impact on the Bank Nifty index during the session. The performance of these stocks influenced the overall movement of the index. Based on the current scenario, the Bank Nifty index is expected to continue to trade within the range of 43700-44300. This suggests that the index is likely to move sideways, lacking a clear trend. However, it's important to note that a break on either side of this range can lead to a directional move, potentially indicating a shift in the market sentiment and momentum.

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