Bank Nifty Support and Resistance Levels (07/02/2024)

Feb 6

Bank Nifty Support and Resistance Levels (07/02/2024):

#### Support Levels:
1. **Support Level 1:** 45,400
- If the market opens gap-up above this level, it could act as a potential support.

2. **Support Level 2:** 45,000
- A significant support level. If the market trades below 45,400, it might fall further to 45,000.

#### Resistance Levels:
1. **Resistance Level 1:** 46,000
- If the market opens between 46,000 to 45,600, wait for a breakout and sustenance above 46,000 for potential upside movement.

### Technical Analysis Insights:

- **Support Levels:** 45,400 and 45,000 are crucial levels where buying interest might emerge, potentially leading to a reversal or temporary halt in the downward movement.

- **Resistance Level:** 46,000 is a key level where selling pressure might intensify, limiting immediate upward movements.

- **No Trading Zone Caution:** As previously mentioned, be cautious in the no-trading zone (between 46,000 to 45,600) and wait for a clear breakout.

- **Upside Breakout Confirmation:** For a potential upside movement, Bank Nifty needs to trade above 46,000 and sustain. Confirmation above this level would strengthen the bullish case.