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Below View on Bank Nifty 18 September 2023 By Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

"The Bank Nifty index experienced profit booking at higher levels and struggled to surpass the 46300 mark. The PSU (Public Sector Undertaking) bank sector emerged as a clear outperformer in the index. This outperformance is expected to continue in the near term, potentially driven by positive sentiment or specific factors affecting PSU banks. The Bank Nifty has an immediate support zone in the range of 45800 to 45700. This level is crucial, and a breach below it could trigger further selling pressure in the index. Despite the profit booking, the overall sentiment for the Bank Nifty remains bullish, as long as the mentioned support levels are held on a closing basis. This suggests that there is still confidence in the upward trajectory of the index."

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