PL Technical View by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd.
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Technical View : -
BANKNIFTY 46080: On the daily chart, Banknifty is trading in the range 44800 to 46500, and it has taken a support near 200 DMA, which is lying around 44800 to 44900 levels, and the 61.8% retracement level of the recent fall is also near 200 DMA, which is acting as a very strong support for the short term. Currently, Banknifty has moved past the significant 50EMA level of 46070 zone after a long time, improving the bias and furhter, has a strong resistance near 46400 levels and would need a decisive breach above 46400 levels to anticipate further rises till 47700–48300 levels.
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