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RKMAURYA

Banknifty Intraday Analysis for 16th April 2024

Nifty Bank Index (NSE:BANKNIFTY)  
RKMAURYA Updated   
NSE:BANKNIFTY   Nifty Bank Index
Support and Resistance Supply and Demand Trend Lines
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supportandresistance supplyanddemand trendline
BANKNIFTY

Highest Call writing of 38.06 Lakh at 48000 strike followed by 33.85 Lakh at 47500. Highest Put writing of 22.49 Lakh at 47000 strike followed by 18.40 Lakh at 47500 strike.

Index may face resistance near 48250 - 48500 level and retraces if index reaches in the area due to Israel Iran war tension

Index has support near 47500 level and if this support break then Index may tanked to 47000 level. which is less likely unless any bad news pop up on war tension.
Trade closed: target reached:
Gap down opening with low near 47330 the bounced and traded around 47500 support level with close around 47600 level.
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