BankNifty on October 28, 2024
Updated
Support Levels:
The primary support lies near 51,000. If BankNifty moves below this level, analysts suggest it may head toward 50,500, potentially signaling increased selling pressure if breached.
Resistance Levels:
On the upside, BankNifty faces a resistance level around 51,470. Sustaining above this level could create bullish momentum, aiming for a possible rally toward 52,200 as the next resistance point.
Today's price action may hinge on whether BankNifty can hold above the 51,000 support or break past 51,470, signaling potential directions. The overall market is showing consolidation tendencies, which means movement within this range is likely unless a breakout occurs. Traders are advised to monitor these levels closely as they represent crucial areas for potential reversals or momentum shifts in intraday trading.
The primary support lies near 51,000. If BankNifty moves below this level, analysts suggest it may head toward 50,500, potentially signaling increased selling pressure if breached.
Resistance Levels:
On the upside, BankNifty faces a resistance level around 51,470. Sustaining above this level could create bullish momentum, aiming for a possible rally toward 52,200 as the next resistance point.
Today's price action may hinge on whether BankNifty can hold above the 51,000 support or break past 51,470, signaling potential directions. The overall market is showing consolidation tendencies, which means movement within this range is likely unless a breakout occurs. Traders are advised to monitor these levels closely as they represent crucial areas for potential reversals or momentum shifts in intraday trading.
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