Quote on Bank Nifty : he index encountered strong resistance at the 46000 level Says Kunal Shah, LKP Securities
Below View on Bank Nifty 27 July 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index experienced a day of monthly expiry dominated by the bears, as they were in full control and overwhelmed the bulls in the market.The index encountered strong resistance at the 46000 level, which is significant as it corresponds to the point with the highest open interest on the call side. This indicates that many traders had placed call options at this level, anticipating limited upside potential for the index.On the downside, the index found support around the 45400 level. A break below this support level could escalate selling pressure in the market, potentially leading to further downward movements in the index.
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