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Below View on Bank Nifty 21 June 2023 By Rupak De, Senior Technical Analyst at LKP Securities

On Wednesday, the Nifty index experienced a largely flat and sideways movement. Despite this, the overall trend remains positive as the index managed to stay above the 18800 level, which is considered as immediate support. In the short term, a crucial support level is observed at 18700, where a substantial number of Put writers have shown their presence. This suggests that there is a significant amount of buying interest and support at that level. On the higher end, a resistance level is noted at 19000, where Call writers are waiting to defend the price level. This indicates that there may be selling pressure and a potential hurdle for the index to surpass. A rise above 19000 may induce further rally in the market.

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