Quote on Bank Nifty: The Bank Nifty index continued to witness downward pressure from higher levels Says Kunal Shah, LKP Securities
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Below View on Bank Nifty 16 January 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index continued to witness downward pressure from higher levels and failed to hold the level of 42,500. The index is still in a sell-on-rise mode, and if it breaks through the 42,000 support level, we will see additional selling pressure toward the 41,700–41,500 zone. The index options data suggests a long-range bound trading session in the near term between 41,500 and 43,000, where the highest open interest is built up on the put and call sides, respectively.
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