Bank Nifty Analysis for 18-04-2024

NSE:BANKNIFTY   Nifty Bank Index
BNF is trading near the 1hr TF support of 474000. Also it to be noted that BNF has fall 1400 points from its ATH. Still BNF is trading near the support zone of 47400 & 47600.

  • If BNF moves upward we will have a immediate resistance of 47800.
  • Below are the resistance level to watch
  1. Resistance 1 48100
  2. Resistance 2 48250

  • If BNF moves downward we can expect a major support at 47000.
  • There is no major support level but if breaks 47000 zone we can expect a fall till next support of 46600

While checking the chart in 1D TF we could see that its in ascending channel pattern. Probably there shouldn't be much fall but it falls breaking the pattern we can expect the fall till 46600 zone.


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