BANKNIFTY-Is Monthly expiry Bullish ???

Apr 25, 2023

Observations:
Today bearish pressure observed at 42850 level, means not a bearish turn in bank nifty,
The BANKNIFTY INDEX has been on an upward trend, with buyers successfully breaking through resistances at 42500, 42700, and tested @42850.
They are now poised to reach untested supply zones at 43000, 43100, and 43400 levels.
However, buyers may lack the necessary power to push the price higher, and if any of the previous supply zones act as support, the price could move back upwards.
It is recommended to remain on the buy side within the range of 41500-41400, as no significant retracement has been observed after breaking the supply zone at 42500 level.
If this level acts as support, monthly expiry is expected to be bullish.

Apr 26, 2023

Note

Is price consolidates between 42800 and 42600 level or break.