Bank Nifty Support and Resistance 28 Dec 2023 monthly Expiry
1. **Support Levels:**
- **Primary Support:** 48213
- **Secondary Support (If gap-up opening):** 48000
If the market opens with a gap-up, it suggests strong bullish sentiment. In such a scenario, 48000 can be considered a secondary support level, as it has proven to be a good support level in the past.
2. **Resistance Levels:**
- **Primary Resistance:** All-time high (since there is no resistance shown on the chart)
- **Secondary Resistance (Based on open interest):** 48500
Since there is no apparent resistance on the chart due to the market being at an all-time high, you've identified a significant resistance level based on open interest (OI) at 48500.
3. **Analysis:**
- The Bank Nifty index is currently at an all-time high, indicating strong bullish momentum.
- The primary support level is set at 48213, with a secondary support at 48000 in case of a gap-up opening.
- Resistance is primarily based on open interest, with a notable level at 48500.
4. **Conclusion:**
- Traders and investors should closely monitor price action around the support levels for potential buying opportunities.
- Keep an eye on the 48500 level as a potential area where the market might face resistance.
- Utilize other technical indicators and market news to validate and refine your analysis.
- **Primary Support:** 48213
- **Secondary Support (If gap-up opening):** 48000
If the market opens with a gap-up, it suggests strong bullish sentiment. In such a scenario, 48000 can be considered a secondary support level, as it has proven to be a good support level in the past.
2. **Resistance Levels:**
- **Primary Resistance:** All-time high (since there is no resistance shown on the chart)
- **Secondary Resistance (Based on open interest):** 48500
Since there is no apparent resistance on the chart due to the market being at an all-time high, you've identified a significant resistance level based on open interest (OI) at 48500.
3. **Analysis:**
- The Bank Nifty index is currently at an all-time high, indicating strong bullish momentum.
- The primary support level is set at 48213, with a secondary support at 48000 in case of a gap-up opening.
- Resistance is primarily based on open interest, with a notable level at 48500.
4. **Conclusion:**
- Traders and investors should closely monitor price action around the support levels for potential buying opportunities.
- Keep an eye on the 48500 level as a potential area where the market might face resistance.
- Utilize other technical indicators and market news to validate and refine your analysis.