Bankex Prediction for 22-07-2024 along with Support & Resistance
In the past few weeks, both the Bankex and Bank Nifty indices have exhibited consolidation within a defined range. The Bankex has struggled to surpass the 60,730 mark on the upper end, while consistently finding support above the 58,800 level on the lower end. This range-bound movement indicates a period of indecision among traders.
On the downside, the initial support for the Bankex is identified at 59,900. Should this level be breached, a more robust support level exists at 59,500, which could potentially halt further declines. Conversely, on the upside, the Bankex faces initial resistance at 60,500. If this resistance is overcome, the next significant barrier is at 60,700, which has proven to be a formidable hurdle in recent sessions.
Additionally, Fibonacci Retracement Levels have been applied to the chart to provide further insight into potential support and resistance zones. These levels are instrumental in identifying key areas where price reversals or continuations might occur, aiding traders in making informed decisions. The current consolidation phase suggests that traders should monitor these critical levels closely, as a breakout or breakdown from this range could set the stage for the next significant move in the Bankex index.
Max Pain: 60,300 PCR: 0.67 IV: 15.80 as on 19-07-2024
The market can witness volatility. Since, PCR indicates nearly overbought market, Bankex can show bounce back at support levels in either half of the trading session.
Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares are neither advice nor endorsed by the publisher.
On the downside, the initial support for the Bankex is identified at 59,900. Should this level be breached, a more robust support level exists at 59,500, which could potentially halt further declines. Conversely, on the upside, the Bankex faces initial resistance at 60,500. If this resistance is overcome, the next significant barrier is at 60,700, which has proven to be a formidable hurdle in recent sessions.
Additionally, Fibonacci Retracement Levels have been applied to the chart to provide further insight into potential support and resistance zones. These levels are instrumental in identifying key areas where price reversals or continuations might occur, aiding traders in making informed decisions. The current consolidation phase suggests that traders should monitor these critical levels closely, as a breakout or breakdown from this range could set the stage for the next significant move in the Bankex index.
Max Pain: 60,300 PCR: 0.67 IV: 15.80 as on 19-07-2024
The market can witness volatility. Since, PCR indicates nearly overbought market, Bankex can show bounce back at support levels in either half of the trading session.
Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares are neither advice nor endorsed by the publisher.
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