BANKNIFTY Pre-Market Analysis, November 16th, 2023

Key Points

Bank Nifty opened gap up on November 15th with over 500 points.
The index consolidated in the range of 44,150-44,250 levels.
Bank Nifty closed at 44,202, up 310 points.
Bank Nifty formed a bearish candlestick pattern on the daily timeframe.
Support levels are at 43,750 and 43,500.
Resistance levels are at 44,352, 44,409, and 44,502.

Pivot Points

Support: 44,165, 44,108, 44,014
Resistance: 44,352, 44,409, 44,502

Technical Analysis

The index is expected to take support at 44,165 and resistance at 44,352.
The index is likely to remain in the range of 44,150-44,350 levels.
A break above 44,350 could lead to further gains towards 44,444 and 44,750 levels.
A break below 44,150 could lead to further losses towards 43,750 and 43,500 levels.

Global market cues

Global market sentiment is currently positive.

Disclaimer

Please note that this pre-market analysis is for informational purposes only and should not be construed as investment advice. Please conduct your own research before making any investment decisions.